December 28: Private railway companies have not been able to provide services for transporting goods to Nepal due to the delay in amending the Nepal-India Rail Service…
December 28: Private railway companies have not been able to provide services for transporting goods to Nepal due to the delay in amending the Nepal-India Rail Service…
December 28: Bhanubhakta Dhakal, the newly appointed Ministry of Culture, Tourism and Civil Aviation, has said that reviving tourism industry and development of tourism infrastructure are his top-most…
December 28: Chemical fertilizer purchased by the government from Bangladesh will arrive in Nepal in about two weeks'…
December 28: Nepal Rastra Bank will auction treasury bills worth Rs 2.10 billion on Monday, December…
December 28: Nepali exporters are facing problems in exporting goods to China due to the obstruction of Nepal-China border since a long…
December 27: The government has opened door for microfinance companies, which had been demanding alternative source for loan investment, to seek funds from non-banking…
December 27: The government had banned collection of timber from forests since the last seven months in order to preserve the forest ecosystem.…
December 27: Statistics of the Insurance Board shows that more than 15,000 individuals have claimed insurance for coronavirus as of Friday, December 25.…
December 27: Three expedition teams have taken permission from the government to climb mountains in the winter…
December 27: The government’s decision to dissolve the parliament has affected the process of endorsing dozens of development and investment-related…
December 25: Banks and financial institutions have been helping anyone who has a regular source of income and is aspiring to build a beautiful house but lacks lump sum to fulfill his…
December 25: NMB Bank Limited has partnered with CellPay, an NRB-licensed payment service provider, to promote digital payment services in Nepal to all of its customers.…
December 25: The import of gold, which was minimal in the first quarter of the current fiscal year, has increased in the month of Mangsir (mid-November to mid-December).…
December 25: The export of leather products from the eastern border of Nepal has declined due to lack of…
December 25: The Election Commission has started making preparations for mid-term election after the government dissolved the parliament last week.…
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As it faces no competition from the private sector, the company has been charging transportation fare arbitrarily. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The railway service agreement gives CONCOR the sole right to transport goods to Nepal and therefore the company maintains its monopoly. Besides CONCOR, no other company can transport goods to Nepal via railway. Eight private railway companies of India are willing to provide their services but they are not allowed to do so until the agreement is amended.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the rail service pact signed between the two countries in 2004, the Indian side had put a precondition that CONCOR would provide transportation service through railway. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The lack of Nepal’s attention to minute details while signing the agreement has given special advantage to CONCOR, says Ashok Kumar Temani, former chairman of the Transport and Cargo Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although Nepal is making attempts to include other railway service providers for transporting goods to Nepal via India, it has not been able to do so. The Indian side has reportedly not shown any interest to allow the private sector to enter the competitive market.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A senior official at the Ministry of Industry, Commerce and Supplies told New Business Age on condition of anonymity that the India side has been avoiding the issue with various excuses.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The Indian side has been delaying the amendment saying it requires homework,” said the official.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepali importer Pradeep Kedia says that CONCOR has been over-charging transportation fare for Nepal-bound goods.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“CONCOR has been charging exorbitant fare because it enjoys monopoly. There is an immediate need to include other companies in the competitive market to end the hegemony of CONCOR,” says Kedia. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice Chair of Province 2 Chapter of FNCCI Ashok Kumar Baidhya also believes that the entry of other service providers for transporting goods to Nepal would increase competition among them and reduce the transportation cost.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">An official of Nepal Intermodal Transport Development Committee said that CONCOR has been charging up to 40 percent more than the normal fare for transporting goods to Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The fare charged by CONCOR is exorbitant considering the distance it has to cover to deliver the goods to Nepal,” said the official who did not wanted to be named.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">CONCOR has transported 32,258 containers from Kolkata and Visakhapatnam to Nepal border between April to November this year. During the last fiscal year, the company transported a total of 59,214 containers to Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two countries had discussed about amending the agreement during the recent meetings of officials India and Nepal. However, deputy spokesperson of the commerce ministry Urmila KC informed that they could not reach a conclusion on the topic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The meeting was held virtually due to coronavirus. The two sides have agreed to amend the pact after necessary homework,” she said.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12608', 'image' => '20201228032735_1609111928.Clipboard11.jpg', 'article_date' => '2020-12-28 15:26:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12860', 'article_category_id' => '1', 'title' => 'Newly-Appointed Tourism Minister Aims to Revive Tourism Sector', 'sub_title' => '', 'summary' => ' December 28: Bhanubhakta Dhakal, the newly appointed Ministry of Culture, Tourism and Civil Aviation, has said that reviving tourism industry and development of tourism infrastructure are his top-most priorities.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 28: Bhanubhakta Dhakal, the newly appointed Ministry of Culture, Tourism and Civil Aviation, has said that reviving tourism industry and development of tourism infrastructure are his top-most priorities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Taking charge of the Ministry of Culture, Tourism and Civil Aviation on December 27, Tourism Minister Dhakal informed that the tourism sector, which is a strong base of the country's economy, has been affected extremely by Covid-19 and pointed out the need for the revival of the sector for the overall economic development of the country. He informed that an effective plan will be put forward for this along with policy reforms.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">On 25 December, Prime Minister KP Sharma Oli added nine members to the cabinet and changed the responsibilities of some ministers. This is Minister Dhakal's third reshuffle in the Oli government. Prior to that, he was the Minister for Justice, Law and Parliamentary Affairs for about 14 months, and recently he was the Minister for Health and Population for 13 months.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">He informed that the current situation is a great challenge as the entire tourism businesses of the country have been affected. However, he mentioned that such challenges could be overcome through coordination with stakeholders. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">He expressed confidence that tourism would gain new momentum. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“For the development of tourism industry, some policy reforms are still in the process while infrastructure works are also in the pipeline. The style of government’s work and tactics have not changed even after the change of minister. All sectors need support and coordination for sustainable development. Only then can we achieve a common goal,” he informed.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12607', 'image' => '20201228025215_1609111364.Clipboard07.jpg', 'article_date' => '2020-12-28 14:51:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12859', 'article_category_id' => '1', 'title' => 'Fertilizer from Bangladesh to Arrive in Two Weeks', 'sub_title' => '', 'summary' => 'December 28: Chemical fertilizer purchased by the government from Bangladesh will arrive in Nepal in about two weeks' time.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">December 28: Chemical fertilizer purchased by the government from Bangladesh will arrive in Nepal in about two weeks' time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal had signed an agreement with Bangladesh to purchase the fertilizer on December 17 under G2G deal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Nepali delegation that returned back from Bangladesh after signing the deal have already started the process of opening Letter of Credit (LC), according to the state-owned national news agency RSS.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Agriculture Inputs Company Limited, which has been given the responsibility of importing the fertilizer, reportedly sent a letter to Siddhartha Bank to open an LC. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to Netra Bahadur Bhandari of Agriculture Inputs Company Limited, the purchase of fertilizer will start within 15 days after both the countries open LCs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“We are assured of brining fertilizer from Bangladesh after signing the agreement. We are trying to fast-track the process as much as possible,” said Bhandari, adding that the first lot of fertilizer will arrive in about two weeks.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Bhandari informed that the Nepali delegation signed an agreement with Bangladesh to import the fertilizer at the rate of US$ 251.2 per metric ton.</span></span></span></span></p> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12606', 'image' => '20201228014609_20200817122726_1597613093.Clipboard02.jpg', 'article_date' => '2020-12-28 13:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12858', 'article_category_id' => '1', 'title' => 'Nepal Rastra Bank to Auction T-Bills worth Rs 2.10 Billion Today', 'sub_title' => '', 'summary' => 'December 28: Nepal Rastra Bank will auction treasury bills worth Rs 2.10 billion on Monday, December 28.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">December 28: Nepal Rastra Bank will auction treasury bills worth Rs 2.10 billion on Monday, December 28.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, such treasury bills will be sold through an online bidding process at 2 pm on December 28. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The central bank is issuing the treasury bills with maturity period of 91 days to arrange internal loan for the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Treasury bills worth 100 million rupees will mature on March 30 2021. Similarly, treasury bills worth Rs 2 billion rupees will be issued for a period of 364 days. The bills will mature on December 28, 2021. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Devanagari Sangam MN"">Prior to this, the central bank had issued tender bids for treasury bills worth Rs 21.3 billion on December 24. Those bills were issued for a period of 91 days.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12605', 'image' => '20201228012934_20201106055408_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2020-12-28 13:29:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12857', 'article_category_id' => '1', 'title' => 'Border Obstruction Taking Toll on Nepal’s Export to China', 'sub_title' => '', 'summary' => 'December 28: Nepali exporters are facing problems in exporting goods to China due to the obstruction of Nepal-China border since a long time.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 28: Nepali exporters are facing problems in exporting goods to China due to the obstruction of Nepal-China border since a long time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">At present, the Tatopani customs is completely closed while only five containers enter Nepal every day from Rasuwagadhi customs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The exporters have not been able to supply food and other readymade products to China as the border has remained obstructed almost since a year. However, Nepali exporters have been sending handicraft products to China via India at an exorbitant cost.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">On one hand, the exporters are worried about the high cost of transportation while on the other hand more than 5000 workers involved in this sector have lost their jobs due to the border obstruction.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During last October, China had pointed out the issue of language problem in goods exported from Nepal. The Chinese government had suggested Nepali exporters to attach labels and stickers written in Chinese language. Nepali exporters say they have been facing problems to export goods from that time onward. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">On top of that, the border obstruction caused by coronavirus has prevented Nepali exporters to supply goods to China while only a limited amount of goods are being imported from China, says Mukunda Poudel, general secretary of Nepal-Kerung Business Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">China has even banned Nepali businessmen from entering its territory right now.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The businessmen say they have time and again requested the foreign ministry as well as the Chinese embassy to reopen the border but the concerned authorities have not shown much interest regarding the issue.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepali exporters complain that they have to pay three to four times more for the transportation charge in order to export goods to China and other countries via India. Some people involved in this business have opted for alternative business while many of them who do not have options are still troubled by the border obstruction.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12604', 'image' => '20201228120159_20201203020907_20200303035545_Trade Points in Northern Border to Remain Closed.jpg', 'article_date' => '2020-12-28 12:01:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12856', 'article_category_id' => '1', 'title' => 'Microfinance Companies can now seek Loan Investment from Non-Banking Sector', 'sub_title' => '', 'summary' => 'December 27: The government has opened door for microfinance companies, which had been demanding alternative source for loan investment, to seek funds from non-banking sector.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: The government has opened door for microfinance companies, which had been demanding alternative source for loan investment, to seek funds from non-banking sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">EPF, on the other hand, is still discussing the issue. Administrator of EPF Tulasi Prasad Gautam says it is not possible to avail funds to microfinance companies as they have been investing large amounts of funds between Rs 200 to Rs 250 million.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12603', 'image' => '20201227031139_1609025177.Clipboard08.jpg', 'article_date' => '2020-12-27 15:11:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12855', 'article_category_id' => '1', 'title' => 'Ban on Collection of Timber Cause Price Hike of Furniture ', 'sub_title' => '', 'summary' => 'December 27: The government had banned collection of timber from forests since the last seven months in order to preserve the forest ecosystem. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: The government had banned collection of timber from forests since the last seven months in order to preserve the forest ecosystem. The government’s decision is having ripple effects on the furniture market at present. The price of wood has increased by Rs 700 per cubic meter. During this period, the country imported wood worth Rs 400 million from Malaysia, Thailand and India through Biratnagar customs alone.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The price hike has been attributed to the ban imposed by the federal government. Kusum Regmi, the operator of Regmi Sawmill, says that the local manufacturers now have to depend on imported wood after the government banned collection, production and distribution of wood inside the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal imported wood worth Rs 150 million between mid-May to mid-July despite lockdown imposed by the government during the period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Operator of Inaruwa-based Krishna Sawmill, Pradeep Koirala, says that they were forced to import wood from Malaysia after authorities from the central monitoring team did not allow them to bring lumber from the forest. Koirala informed that the government has not allowed them to collect high-quality timber while it only allows to bring low-standard wood from the forest.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Wood from the Sal tree, which was available for Rs 4800 per cubic feet in Biratnagar, now costs Rs 5500 per cubic feet. Koirala says the same quality wood is available for anything between Rs 2000 to Rs 2800 in India while it costs Rs 2500 in Bangladesh.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chief of the District Forest Office, Morang Aniruddha Kumar Sah says that the wood from Sal tree is the first choice among people of Nepal for construction of houses and this has led to a massive decline of the plant species.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The DFO informed that 60,000 cubic feet of wood belonging to the Sal tree were felled for annual use as of May 28.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The office informed that the Council of Ministers banned collection of wood to preserve the species. This has resulted in price hike in the market and smuggling of timber as well. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12602', 'image' => '20201227025644_1609025313.Clipboard09.jpg', 'article_date' => '2020-12-27 14:56:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12854', 'article_category_id' => '1', 'title' => 'Insurance Companies Settle Coronavirus Claims of more than Rs 1.5 Billion ', 'sub_title' => '', 'summary' => 'December 27: Statistics of the Insurance Board shows that more than 15,000 individuals have claimed insurance for coronavirus as of Friday, December 25. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 27: Statistics of the Insurance Board shows that more than 15,000 individuals have claimed insurance for coronavirus as of Friday, December 25. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the board, a total sum of Rs 1.54 billion has been paid to 15, 879 people who were insured against the disease. Likewise, the board stated that 79 applications have been considered ineligible. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the latest information provided by the board, the settlement of coronavirus insurance claims has been moving forward swiftly. Raju Raman Poudel, executive director of the board, said that the settlement of coronavirus insurance claims is being made on a ‘fast track’ basis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Earlier, insurance companies had delayed settlement of claims. The board says that the claim settlement has been done in an efficient manner now after criticism from various sectors. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Finance Minister Bishnu Poudel had called the representatives of the insurance companies and the insurance board on November 3 and instructed them to speed up the settlement of corona insurance claims. At that time, only 1,791 claims had been settled. But so far, more than 15,000 have received their insurance claims. According to the board, 29,270 applications with full documents have been received for coronavirus insurance claims so far. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Likewise, additional 7,441 applications have been sent to the Ministry of Health and Population for verification of PCR report. Of them, 3,886 applications have been verified and 3,555 applications are in the process of verification. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">As the documents were not completed, 2,053 applications have been sent to insurance companies. The board also informed that 4,319 applications are being verified. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In Corona Insurance, the claim payment amount is more than the premium amount. Only around Rs 1 billion has been collected for insurance premiums. However, the claims have reached over Rs 1.5 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Lately, the number of corona insurers is less. However, the claim applications are coming, so the amount claimed is more than the premium amount. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12601', 'image' => '20201227023506_1609025921.Clipboard14.jpg', 'article_date' => '2020-12-27 14:34:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12853', 'article_category_id' => '1', 'title' => '3 Expedition Teams Receive Climbing Permits for Winter Season', 'sub_title' => '', 'summary' => 'December 27: Three expedition teams have taken permission from the government to climb mountains in the winter season.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: Three expedition teams have taken permission from the government to climb mountains in the winter season.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Department of Tourism confirmed that three different expedition teams were given climbing permission as of last Friday (December 25).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the state-run national news agency, RSS, the department has issued permission for the teams to climb Mt Ama Dablam (6,814 meters), Luza Peak (5,726 m) and Kangeri-2 (6,506 m).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Altogether four persons will be climbing Ama Dablam this season while the three expedition members have been given permission to scale Luza Peak. Only one person will be climbing Kangeri-2 this season, according to the department.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has collected royalty worth Rs 93,290 from the three expeditions. During the winter season last year, a total of eight expedition teams comprising of 36 climbers (all male) had been given climbing permits, RSS reported citing the Department of Tourism. The government had collected Rs 2.1 million from the climbers last winter. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department expects more climbers to scale small peaks as this is just the start of the winter climbing season.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had opened mountain expeditions for climbers two months ago despite the risk of coronavirus. Altogether 12 expedition teams comprising of 12 female climbers and 68 male climbers had scaled different peaks during the autumn season this year. The government had collected royalties worth Rs 4 million during the autumn window. A year ago, a total of 164 expedition groups had climbed various mountains during the autumn season. Back then, the government had collected royalties of Rs 557.83 million. A total of 257 women and 953 men had received climbing permits during the autumn of 2019.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12600', 'image' => '20201227011907_1608890066.Mountain-Climbing.jpg', 'article_date' => '2020-12-27 13:18:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12852', 'article_category_id' => '1', 'title' => 'Dissolution of Lower House Affects Dozens of Development-Related Bills ', 'sub_title' => '', 'summary' => 'December 27: The government’s decision to dissolve the parliament has affected the process of endorsing dozens of development and investment-related laws.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: The government’s decision to dissolve the parliament has affected the process of endorsing dozens of development and investment-related laws.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the parliament secretariat, altogether 50 bills related to social and financial issues are awaiting parliamentary approval for endorsement. Among them, more than three dozen bills are gathering dust at the House of Representatives.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Bills related to fast track construction of national priority projects, Export and Smuggling Regulation Bill, Public Procurement Bill, Competition and Market Protection Bill, Drinking Water and Sanitation Bill, Customs Bill, Loan and Guarantee Bill, among others have been registered in the lower house of parliament. The process of endorsing these bills has been halted due to the dissolution of parliament.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Public Transportation Bill has been sent to the House of Representatives by the National Assembly with recommendations. Insurance Bill, Information Technology Bill, Public Loan Management Bill are currently under discussion in the upper house.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Parliament Secretariat Roj Nath Pandey says these bills could not be moved forward as the parliament has been dissolved. These bills will be moved forward from the starting point when a new government is formed with fresh mandate after the election.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Railway Bill, Immigration Bill, two bills related to the Civil Aviation Authority of Nepal, Statistics Bill, Corruption Control Bill, third amendment to the Commission for the Investigation of Abuse of Authority Bill, Social Security Bill (first amendment) are all languishing at the upper house.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the Parliament Secretariat say there is possibility of deliberations on the bills submitted to the upper house as the cabinet meeting last week recommended the president to summon the meeting of the National Assembly. However, the laws cannot be enacted until the lower house meeting takes place.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Economist Keshav Acharya says it is unfortunate that the law making process has been disrupted due to the dissolution of the House of Representatives. He says that it was not appropriate for the prime minister to dissolve the parliament due to internal dispute of the ruling party.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice Chairman of the National Planning Commission Dr Jagdish Chandra Pokharel also expressed concerns regarding the disruption in lawmaking process due to the dissolution of the lower house.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The current government was formed with the vision of achieving long-term goals. It is unfortunate that the government dissolved the House of Representatives instead of pursuing its goals,” said Pokharel.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Former Finance Secretary Shanta Raj Subedi says that the delay in forming laws will also affect investment in the country. He says that the targets set by the government will not be achieved in lack of laws while the domestic and foreign investors will also think twice before investing in Nepal due to lack of investment-friendly laws.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12599', 'image' => '20201227124222_1609025666.Clipboard10.jpg', 'article_date' => '2020-12-27 12:41:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12851', 'article_category_id' => '1', 'title' => 'Demand for Housing Loan Increasing ', 'sub_title' => '', 'summary' => 'December 25: Banks and financial institutions have been helping anyone who has a regular source of income and is aspiring to build a beautiful house but lacks lump sum to fulfill his dream.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: Banks and financial institutions have been helping anyone who has a regular source of income and is aspiring to build a beautiful house but lacks lump sum to fulfill his dream.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">BFIs have been providing loan for customers to build house in accordance to the work procedure issued by Nepal Rastra Bank, which is the regulatory body of banks and financial institutions.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks say that there has been an increase in demand for housing loan as it is the season for building houses. Banks are competing with each other to provide housing loan. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Commercial banks have issued loan worth Rs 420.97 billion for personal homes and commercial housing as of mid-November. The loan disbursement in this sector is 13.81 percent of the total loans provided by the banking sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the review period, the total flow of loans from banks and financial institutions stood at Rs 3048.36 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">People are more interested in taking loans for personals homes rather than commercial complex. According to data of Nepal Rastra Bank, a total of Rs 257 billion loan not exceeding Rs 15 million for an individual have been provided for personal homes.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">For commercial purpose and real estate business, a total of Rs 163 billion have been released by BFIs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According bankers, the demand for loan which had declined due to coronavirus has again started increasing, especially for home loans.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of Nepal Bankers Association Bhuvan Kumar Dahal informed that both personal loans as well as loan for commercial purpose have started flowing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The price of cement is affordable but the price of iron rods has increased. Despite the price hike, the demand for home loan is growing. This is the season for building houses,” said Dahal.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12598', 'image' => '20201225055618_1608853069.Clipboard11.jpg', 'article_date' => '2020-12-25 17:55:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12850', 'article_category_id' => '266', 'title' => 'NMB Bank collaborates with CellPay for Digital Payment', 'sub_title' => '', 'summary' => 'December 25: NMB Bank Limited has partnered with CellPay, an NRB-licensed payment service provider, to promote digital payment services in Nepal to all of its customers. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">December 25: NMB Bank Limited has partnered with CellPay, an NRB-licensed payment service provider, to promote digital payment services in Nepal to all of its customers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">The bank’s </span><span style="font-size:14.0pt">Chief Business and Strategy Officer Sudesh Upadhyaya </span><span style="font-size:14.0pt">and </span><span style="font-size:14.0pt">Managing Director</span><span style="font-size:14.0pt"> of Cellcom Pvt Ltd Pawan Pradhan signed the partnership agreement on behalf of their respective organisations amid a recent function. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">As per the understanding, CellPay will now provide digital payments and fund transfer services through web and mobile channel to help make payments directly from the bank account. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">CellPay said in a joint statement that it has been developed considering various international standard security mechanisms to make the payment safe and reliable. The payments done through CellPay is made in ‘Real Time’. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“Customers can easily make real time payments for telecom services, electricity, TV, Internet bill, restaurants and fund transfer from one to another bank, domestic remittance, insurance payment, EMI payments, share payments, P2P, P2B, B2P, B2B and other services,” the statement added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Customers can enjoy these services through any of the partnered bank with CellPay. CellPay app is available in both Google Playstore and Apple’s Appstore.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">NMB bank was established in 1996 and has been serving its customer through 176 branches, nine extension counters, 249 branchless banking units along with 135 ATMs. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> </span></span></p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12597', 'image' => '20201225010702_My Effect.jpg', 'article_date' => '2020-12-25 13:06:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12849', 'article_category_id' => '1', 'title' => 'Import of Gold Rising in Nepal', 'sub_title' => '', 'summary' => 'December 25: The import of gold, which was minimal in the first quarter of the current fiscal year, has increased in the month of Mangsir (mid-November to mid-December). ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: The import of gold, which was minimal in the first quarter of the current fiscal year, has increased in the month of Mangsir (mid-November to mid-December). </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The country had imported only 100 kilograms of gold in the first four months of the current fiscal year. However, the import of gold has crossed more than 1000 kilograms in the fifth month, according to the Department of Customs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the data provided by the department, a total of 1050 kilograms of gold have been imported in Nepal in the first five months of the current fiscal year. Data show that the import of gold started increasing since the month of Kartik (mid-October to mid-November). It is believed that the import of gold increased due to festive season and the marriage season that followed. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The business of gold had come to a halt during the start of the current fiscal year due to excessive price hike as a result of coronavirus pandemic. The business was in further trouble due to the imposition of lockdown and restrictions by the government. However, the business is returning back in track despite exorbitant price because of the marriage season. Data show that the country imported 400 kg of gold in mid-October to mid-November and 550 kg of gold in mid-November to mid-December.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Only commercial banks are licensed to import gold in Nepal. The Federation of Nepal Gold and Silver Dealers Association recommends commercial banks to import gold as per the demand in the market.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12596', 'image' => '20201225010313_1608852688.Clipboard10.jpg', 'article_date' => '2020-12-25 13:02:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12848', 'article_category_id' => '1', 'title' => 'Decline in Export of Processed Leather', 'sub_title' => '', 'summary' => 'December 25: The export of leather products from the eastern border of Nepal has declined due to lack of demand.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: The export of leather products from the eastern border of Nepal has declined due to lack of demand. Three industries of Province 1 had exported 2.4 million square feet of processed leather worth Rs 109.1 million to countries like India, China and European countries during the last fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the industries failed to export the product to China and European nations due to the restrictions imposed in the wake of coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the first five months of the current fiscal year, Nepali industries have exported 160,000 square feet of refined leather worth Rs 5.4 million to India. The industries say they couldn’t export leather to China as the Chinese businessmen did not show up for the purchase. Similarly, there was no demand from European countries, according to the leather manufacturers. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In fiscal year 2075/76, leather products worth Rs 287.8 million were exported through the Biratnagar customs. But this year, not even half the amount has been exported, according to the customs officials. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Altogether 11 industries of Nepal are involved in processing raw leather into refined product and selling them to countries like Russia, Turkey, Italy, Latin America, China and India. Three of those industries are based in Province 1 while the remaining eight are in Birgunj.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12595', 'image' => '20201225121415_1608852769.11.jpg', 'article_date' => '2020-12-25 12:13:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12847', 'article_category_id' => '1', 'title' => 'Coronavirus Likely to Increase the Cost of Election', 'sub_title' => '', 'summary' => 'December 25: The Election Commission has started making preparations for mid-term election after the government dissolved the parliament last week. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: The Election Commission has started making preparations for mid-term election after the government dissolved the parliament last week. The government has already announced the new dates for election on April 30 and May 10.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is estimated that the cost of election will be higher this time as the Election Commission has to adopt additional security measures to avoid contraction of coronavirus. However, the fate of election is not yet certain as writ petitions have be filed at the Supreme Court against the dissolution of the House of Representatives.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Election Commission, the election commissioners have been holding meetings on a daily basis to make preparations to hold the election on the dates fixed by the government. Preliminary estimates made by the commissioners have indicated that the mid-term election will be costly this year due to coronavirus pandemic and additional measures required to prevent the disease from spreading.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the EC say it is possible to hold the election in the fixed dates but the cost factor will be high.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Election Commission Raj Kumar Shrestha informed that the reasons behind costly election include coronavirus pandemic and inflation. Shrestha clarified that the commission will have to adopt safety measures for all activities leading up to the election which is certain to increase the cost of election. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He further said that the EC will have to hold discussions with the political parties for which it needs to adopt adequate safety measures while such measures also need to be ensured at polling booths and election centres where the vote count will take place. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“India and the USA adopted high safety measures during election to prevent the spread of coronavirus. We also need to follow suit,” said Shrestha, adding, “It is not as simple as before. The cost will definitely go up.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Election Commission also said that inflation has increased and the cost of every good has gone up and therefore the cost of election is also going to be higher than the previous election.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the last elections held in 2017/18, the commission had alone spent Rs 7.75 billion for conducting the provincial elections and the election for the House of Representatives at once. The cost required to mobilize army and police was covered by the home ministry. The ministry had to spend around Rs 2.25 billion, according to the EC. The government has directly spent Rs 10 billion from the state coffers for the election. Considering the cost covered by other government agencies, the total cost of election was Rs 20 billion, according to officials at the EC. The commission will require at least the same amount that it spent during the last election but officials at the commission haven’t quoted the exact amount right now.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The commission says that the cost factor can be reduced if the election is held in a single day instead of holding it in two separate dates.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12594', 'image' => '20201225114758_AP_20300794331956 2.jpg', 'article_date' => '2020-12-25 11:47:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falseinclude - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 60]file not found!Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/indexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12861', 'article_category_id' => '1', 'title' => 'India’s CONCOR Enjoys Monopoly in Transporting Goods to Nepal', 'sub_title' => 'Faulty Pact Denies Entry of Private Companies to Transport Nepal-Bound Goods', 'summary' => 'December 28: Private railway companies have not been able to provide services for transporting goods to Nepal due to the delay in amending the Nepal-India Rail Service Agreement.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 28: Private railway companies have not been able to provide services for transporting goods to Nepal due to the delay in amending the Nepal-India Rail Service Agreement.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Container Corporation of India Limited (CONCOR), a sister concern of the Indian Railways, enjoys monopoly in transporting Nepal-bound goods from India and third countries. As it faces no competition from the private sector, the company has been charging transportation fare arbitrarily. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The railway service agreement gives CONCOR the sole right to transport goods to Nepal and therefore the company maintains its monopoly. Besides CONCOR, no other company can transport goods to Nepal via railway. Eight private railway companies of India are willing to provide their services but they are not allowed to do so until the agreement is amended.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the rail service pact signed between the two countries in 2004, the Indian side had put a precondition that CONCOR would provide transportation service through railway. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The lack of Nepal’s attention to minute details while signing the agreement has given special advantage to CONCOR, says Ashok Kumar Temani, former chairman of the Transport and Cargo Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although Nepal is making attempts to include other railway service providers for transporting goods to Nepal via India, it has not been able to do so. The Indian side has reportedly not shown any interest to allow the private sector to enter the competitive market.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A senior official at the Ministry of Industry, Commerce and Supplies told New Business Age on condition of anonymity that the India side has been avoiding the issue with various excuses.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The Indian side has been delaying the amendment saying it requires homework,” said the official.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepali importer Pradeep Kedia says that CONCOR has been over-charging transportation fare for Nepal-bound goods.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“CONCOR has been charging exorbitant fare because it enjoys monopoly. There is an immediate need to include other companies in the competitive market to end the hegemony of CONCOR,” says Kedia. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice Chair of Province 2 Chapter of FNCCI Ashok Kumar Baidhya also believes that the entry of other service providers for transporting goods to Nepal would increase competition among them and reduce the transportation cost.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">An official of Nepal Intermodal Transport Development Committee said that CONCOR has been charging up to 40 percent more than the normal fare for transporting goods to Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The fare charged by CONCOR is exorbitant considering the distance it has to cover to deliver the goods to Nepal,” said the official who did not wanted to be named.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">CONCOR has transported 32,258 containers from Kolkata and Visakhapatnam to Nepal border between April to November this year. During the last fiscal year, the company transported a total of 59,214 containers to Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two countries had discussed about amending the agreement during the recent meetings of officials India and Nepal. However, deputy spokesperson of the commerce ministry Urmila KC informed that they could not reach a conclusion on the topic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The meeting was held virtually due to coronavirus. The two sides have agreed to amend the pact after necessary homework,” she said.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12608', 'image' => '20201228032735_1609111928.Clipboard11.jpg', 'article_date' => '2020-12-28 15:26:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12860', 'article_category_id' => '1', 'title' => 'Newly-Appointed Tourism Minister Aims to Revive Tourism Sector', 'sub_title' => '', 'summary' => ' December 28: Bhanubhakta Dhakal, the newly appointed Ministry of Culture, Tourism and Civil Aviation, has said that reviving tourism industry and development of tourism infrastructure are his top-most priorities.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 28: Bhanubhakta Dhakal, the newly appointed Ministry of Culture, Tourism and Civil Aviation, has said that reviving tourism industry and development of tourism infrastructure are his top-most priorities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Taking charge of the Ministry of Culture, Tourism and Civil Aviation on December 27, Tourism Minister Dhakal informed that the tourism sector, which is a strong base of the country's economy, has been affected extremely by Covid-19 and pointed out the need for the revival of the sector for the overall economic development of the country. He informed that an effective plan will be put forward for this along with policy reforms.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">On 25 December, Prime Minister KP Sharma Oli added nine members to the cabinet and changed the responsibilities of some ministers. This is Minister Dhakal's third reshuffle in the Oli government. Prior to that, he was the Minister for Justice, Law and Parliamentary Affairs for about 14 months, and recently he was the Minister for Health and Population for 13 months.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">He informed that the current situation is a great challenge as the entire tourism businesses of the country have been affected. However, he mentioned that such challenges could be overcome through coordination with stakeholders. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">He expressed confidence that tourism would gain new momentum. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“For the development of tourism industry, some policy reforms are still in the process while infrastructure works are also in the pipeline. The style of government’s work and tactics have not changed even after the change of minister. All sectors need support and coordination for sustainable development. Only then can we achieve a common goal,” he informed.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12607', 'image' => '20201228025215_1609111364.Clipboard07.jpg', 'article_date' => '2020-12-28 14:51:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12859', 'article_category_id' => '1', 'title' => 'Fertilizer from Bangladesh to Arrive in Two Weeks', 'sub_title' => '', 'summary' => 'December 28: Chemical fertilizer purchased by the government from Bangladesh will arrive in Nepal in about two weeks' time.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">December 28: Chemical fertilizer purchased by the government from Bangladesh will arrive in Nepal in about two weeks' time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal had signed an agreement with Bangladesh to purchase the fertilizer on December 17 under G2G deal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Nepali delegation that returned back from Bangladesh after signing the deal have already started the process of opening Letter of Credit (LC), according to the state-owned national news agency RSS.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Agriculture Inputs Company Limited, which has been given the responsibility of importing the fertilizer, reportedly sent a letter to Siddhartha Bank to open an LC. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to Netra Bahadur Bhandari of Agriculture Inputs Company Limited, the purchase of fertilizer will start within 15 days after both the countries open LCs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“We are assured of brining fertilizer from Bangladesh after signing the agreement. We are trying to fast-track the process as much as possible,” said Bhandari, adding that the first lot of fertilizer will arrive in about two weeks.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Bhandari informed that the Nepali delegation signed an agreement with Bangladesh to import the fertilizer at the rate of US$ 251.2 per metric ton.</span></span></span></span></p> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12606', 'image' => '20201228014609_20200817122726_1597613093.Clipboard02.jpg', 'article_date' => '2020-12-28 13:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12858', 'article_category_id' => '1', 'title' => 'Nepal Rastra Bank to Auction T-Bills worth Rs 2.10 Billion Today', 'sub_title' => '', 'summary' => 'December 28: Nepal Rastra Bank will auction treasury bills worth Rs 2.10 billion on Monday, December 28.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">December 28: Nepal Rastra Bank will auction treasury bills worth Rs 2.10 billion on Monday, December 28.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, such treasury bills will be sold through an online bidding process at 2 pm on December 28. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The central bank is issuing the treasury bills with maturity period of 91 days to arrange internal loan for the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Treasury bills worth 100 million rupees will mature on March 30 2021. Similarly, treasury bills worth Rs 2 billion rupees will be issued for a period of 364 days. The bills will mature on December 28, 2021. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Devanagari Sangam MN"">Prior to this, the central bank had issued tender bids for treasury bills worth Rs 21.3 billion on December 24. Those bills were issued for a period of 91 days.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12605', 'image' => '20201228012934_20201106055408_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2020-12-28 13:29:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12857', 'article_category_id' => '1', 'title' => 'Border Obstruction Taking Toll on Nepal’s Export to China', 'sub_title' => '', 'summary' => 'December 28: Nepali exporters are facing problems in exporting goods to China due to the obstruction of Nepal-China border since a long time.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 28: Nepali exporters are facing problems in exporting goods to China due to the obstruction of Nepal-China border since a long time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">At present, the Tatopani customs is completely closed while only five containers enter Nepal every day from Rasuwagadhi customs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The exporters have not been able to supply food and other readymade products to China as the border has remained obstructed almost since a year. However, Nepali exporters have been sending handicraft products to China via India at an exorbitant cost.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">On one hand, the exporters are worried about the high cost of transportation while on the other hand more than 5000 workers involved in this sector have lost their jobs due to the border obstruction.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During last October, China had pointed out the issue of language problem in goods exported from Nepal. The Chinese government had suggested Nepali exporters to attach labels and stickers written in Chinese language. Nepali exporters say they have been facing problems to export goods from that time onward. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">On top of that, the border obstruction caused by coronavirus has prevented Nepali exporters to supply goods to China while only a limited amount of goods are being imported from China, says Mukunda Poudel, general secretary of Nepal-Kerung Business Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">China has even banned Nepali businessmen from entering its territory right now.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The businessmen say they have time and again requested the foreign ministry as well as the Chinese embassy to reopen the border but the concerned authorities have not shown much interest regarding the issue.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepali exporters complain that they have to pay three to four times more for the transportation charge in order to export goods to China and other countries via India. Some people involved in this business have opted for alternative business while many of them who do not have options are still troubled by the border obstruction.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12604', 'image' => '20201228120159_20201203020907_20200303035545_Trade Points in Northern Border to Remain Closed.jpg', 'article_date' => '2020-12-28 12:01:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12856', 'article_category_id' => '1', 'title' => 'Microfinance Companies can now seek Loan Investment from Non-Banking Sector', 'sub_title' => '', 'summary' => 'December 27: The government has opened door for microfinance companies, which had been demanding alternative source for loan investment, to seek funds from non-banking sector.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: The government has opened door for microfinance companies, which had been demanding alternative source for loan investment, to seek funds from non-banking sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">EPF, on the other hand, is still discussing the issue. Administrator of EPF Tulasi Prasad Gautam says it is not possible to avail funds to microfinance companies as they have been investing large amounts of funds between Rs 200 to Rs 250 million.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12603', 'image' => '20201227031139_1609025177.Clipboard08.jpg', 'article_date' => '2020-12-27 15:11:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12855', 'article_category_id' => '1', 'title' => 'Ban on Collection of Timber Cause Price Hike of Furniture ', 'sub_title' => '', 'summary' => 'December 27: The government had banned collection of timber from forests since the last seven months in order to preserve the forest ecosystem. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: The government had banned collection of timber from forests since the last seven months in order to preserve the forest ecosystem. The government’s decision is having ripple effects on the furniture market at present. The price of wood has increased by Rs 700 per cubic meter. During this period, the country imported wood worth Rs 400 million from Malaysia, Thailand and India through Biratnagar customs alone.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The price hike has been attributed to the ban imposed by the federal government. Kusum Regmi, the operator of Regmi Sawmill, says that the local manufacturers now have to depend on imported wood after the government banned collection, production and distribution of wood inside the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal imported wood worth Rs 150 million between mid-May to mid-July despite lockdown imposed by the government during the period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Operator of Inaruwa-based Krishna Sawmill, Pradeep Koirala, says that they were forced to import wood from Malaysia after authorities from the central monitoring team did not allow them to bring lumber from the forest. Koirala informed that the government has not allowed them to collect high-quality timber while it only allows to bring low-standard wood from the forest.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Wood from the Sal tree, which was available for Rs 4800 per cubic feet in Biratnagar, now costs Rs 5500 per cubic feet. Koirala says the same quality wood is available for anything between Rs 2000 to Rs 2800 in India while it costs Rs 2500 in Bangladesh.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chief of the District Forest Office, Morang Aniruddha Kumar Sah says that the wood from Sal tree is the first choice among people of Nepal for construction of houses and this has led to a massive decline of the plant species.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The DFO informed that 60,000 cubic feet of wood belonging to the Sal tree were felled for annual use as of May 28.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The office informed that the Council of Ministers banned collection of wood to preserve the species. This has resulted in price hike in the market and smuggling of timber as well. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12602', 'image' => '20201227025644_1609025313.Clipboard09.jpg', 'article_date' => '2020-12-27 14:56:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12854', 'article_category_id' => '1', 'title' => 'Insurance Companies Settle Coronavirus Claims of more than Rs 1.5 Billion ', 'sub_title' => '', 'summary' => 'December 27: Statistics of the Insurance Board shows that more than 15,000 individuals have claimed insurance for coronavirus as of Friday, December 25. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 27: Statistics of the Insurance Board shows that more than 15,000 individuals have claimed insurance for coronavirus as of Friday, December 25. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the board, a total sum of Rs 1.54 billion has been paid to 15, 879 people who were insured against the disease. Likewise, the board stated that 79 applications have been considered ineligible. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the latest information provided by the board, the settlement of coronavirus insurance claims has been moving forward swiftly. Raju Raman Poudel, executive director of the board, said that the settlement of coronavirus insurance claims is being made on a ‘fast track’ basis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Earlier, insurance companies had delayed settlement of claims. The board says that the claim settlement has been done in an efficient manner now after criticism from various sectors. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Finance Minister Bishnu Poudel had called the representatives of the insurance companies and the insurance board on November 3 and instructed them to speed up the settlement of corona insurance claims. At that time, only 1,791 claims had been settled. But so far, more than 15,000 have received their insurance claims. According to the board, 29,270 applications with full documents have been received for coronavirus insurance claims so far. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Likewise, additional 7,441 applications have been sent to the Ministry of Health and Population for verification of PCR report. Of them, 3,886 applications have been verified and 3,555 applications are in the process of verification. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">As the documents were not completed, 2,053 applications have been sent to insurance companies. The board also informed that 4,319 applications are being verified. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In Corona Insurance, the claim payment amount is more than the premium amount. Only around Rs 1 billion has been collected for insurance premiums. However, the claims have reached over Rs 1.5 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Lately, the number of corona insurers is less. However, the claim applications are coming, so the amount claimed is more than the premium amount. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12601', 'image' => '20201227023506_1609025921.Clipboard14.jpg', 'article_date' => '2020-12-27 14:34:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12853', 'article_category_id' => '1', 'title' => '3 Expedition Teams Receive Climbing Permits for Winter Season', 'sub_title' => '', 'summary' => 'December 27: Three expedition teams have taken permission from the government to climb mountains in the winter season.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: Three expedition teams have taken permission from the government to climb mountains in the winter season.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Department of Tourism confirmed that three different expedition teams were given climbing permission as of last Friday (December 25).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the state-run national news agency, RSS, the department has issued permission for the teams to climb Mt Ama Dablam (6,814 meters), Luza Peak (5,726 m) and Kangeri-2 (6,506 m).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Altogether four persons will be climbing Ama Dablam this season while the three expedition members have been given permission to scale Luza Peak. Only one person will be climbing Kangeri-2 this season, according to the department.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has collected royalty worth Rs 93,290 from the three expeditions. During the winter season last year, a total of eight expedition teams comprising of 36 climbers (all male) had been given climbing permits, RSS reported citing the Department of Tourism. The government had collected Rs 2.1 million from the climbers last winter. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department expects more climbers to scale small peaks as this is just the start of the winter climbing season.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had opened mountain expeditions for climbers two months ago despite the risk of coronavirus. Altogether 12 expedition teams comprising of 12 female climbers and 68 male climbers had scaled different peaks during the autumn season this year. The government had collected royalties worth Rs 4 million during the autumn window. A year ago, a total of 164 expedition groups had climbed various mountains during the autumn season. Back then, the government had collected royalties of Rs 557.83 million. A total of 257 women and 953 men had received climbing permits during the autumn of 2019.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12600', 'image' => '20201227011907_1608890066.Mountain-Climbing.jpg', 'article_date' => '2020-12-27 13:18:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12852', 'article_category_id' => '1', 'title' => 'Dissolution of Lower House Affects Dozens of Development-Related Bills ', 'sub_title' => '', 'summary' => 'December 27: The government’s decision to dissolve the parliament has affected the process of endorsing dozens of development and investment-related laws.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: The government’s decision to dissolve the parliament has affected the process of endorsing dozens of development and investment-related laws.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the parliament secretariat, altogether 50 bills related to social and financial issues are awaiting parliamentary approval for endorsement. Among them, more than three dozen bills are gathering dust at the House of Representatives.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Bills related to fast track construction of national priority projects, Export and Smuggling Regulation Bill, Public Procurement Bill, Competition and Market Protection Bill, Drinking Water and Sanitation Bill, Customs Bill, Loan and Guarantee Bill, among others have been registered in the lower house of parliament. The process of endorsing these bills has been halted due to the dissolution of parliament.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Public Transportation Bill has been sent to the House of Representatives by the National Assembly with recommendations. Insurance Bill, Information Technology Bill, Public Loan Management Bill are currently under discussion in the upper house.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Parliament Secretariat Roj Nath Pandey says these bills could not be moved forward as the parliament has been dissolved. These bills will be moved forward from the starting point when a new government is formed with fresh mandate after the election.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Railway Bill, Immigration Bill, two bills related to the Civil Aviation Authority of Nepal, Statistics Bill, Corruption Control Bill, third amendment to the Commission for the Investigation of Abuse of Authority Bill, Social Security Bill (first amendment) are all languishing at the upper house.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the Parliament Secretariat say there is possibility of deliberations on the bills submitted to the upper house as the cabinet meeting last week recommended the president to summon the meeting of the National Assembly. However, the laws cannot be enacted until the lower house meeting takes place.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Economist Keshav Acharya says it is unfortunate that the law making process has been disrupted due to the dissolution of the House of Representatives. He says that it was not appropriate for the prime minister to dissolve the parliament due to internal dispute of the ruling party.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice Chairman of the National Planning Commission Dr Jagdish Chandra Pokharel also expressed concerns regarding the disruption in lawmaking process due to the dissolution of the lower house.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The current government was formed with the vision of achieving long-term goals. It is unfortunate that the government dissolved the House of Representatives instead of pursuing its goals,” said Pokharel.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Former Finance Secretary Shanta Raj Subedi says that the delay in forming laws will also affect investment in the country. He says that the targets set by the government will not be achieved in lack of laws while the domestic and foreign investors will also think twice before investing in Nepal due to lack of investment-friendly laws.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12599', 'image' => '20201227124222_1609025666.Clipboard10.jpg', 'article_date' => '2020-12-27 12:41:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12851', 'article_category_id' => '1', 'title' => 'Demand for Housing Loan Increasing ', 'sub_title' => '', 'summary' => 'December 25: Banks and financial institutions have been helping anyone who has a regular source of income and is aspiring to build a beautiful house but lacks lump sum to fulfill his dream.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: Banks and financial institutions have been helping anyone who has a regular source of income and is aspiring to build a beautiful house but lacks lump sum to fulfill his dream.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">BFIs have been providing loan for customers to build house in accordance to the work procedure issued by Nepal Rastra Bank, which is the regulatory body of banks and financial institutions.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks say that there has been an increase in demand for housing loan as it is the season for building houses. Banks are competing with each other to provide housing loan. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Commercial banks have issued loan worth Rs 420.97 billion for personal homes and commercial housing as of mid-November. The loan disbursement in this sector is 13.81 percent of the total loans provided by the banking sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the review period, the total flow of loans from banks and financial institutions stood at Rs 3048.36 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">People are more interested in taking loans for personals homes rather than commercial complex. According to data of Nepal Rastra Bank, a total of Rs 257 billion loan not exceeding Rs 15 million for an individual have been provided for personal homes.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">For commercial purpose and real estate business, a total of Rs 163 billion have been released by BFIs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According bankers, the demand for loan which had declined due to coronavirus has again started increasing, especially for home loans.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of Nepal Bankers Association Bhuvan Kumar Dahal informed that both personal loans as well as loan for commercial purpose have started flowing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The price of cement is affordable but the price of iron rods has increased. Despite the price hike, the demand for home loan is growing. This is the season for building houses,” said Dahal.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12598', 'image' => '20201225055618_1608853069.Clipboard11.jpg', 'article_date' => '2020-12-25 17:55:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12850', 'article_category_id' => '266', 'title' => 'NMB Bank collaborates with CellPay for Digital Payment', 'sub_title' => '', 'summary' => 'December 25: NMB Bank Limited has partnered with CellPay, an NRB-licensed payment service provider, to promote digital payment services in Nepal to all of its customers. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">December 25: NMB Bank Limited has partnered with CellPay, an NRB-licensed payment service provider, to promote digital payment services in Nepal to all of its customers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">The bank’s </span><span style="font-size:14.0pt">Chief Business and Strategy Officer Sudesh Upadhyaya </span><span style="font-size:14.0pt">and </span><span style="font-size:14.0pt">Managing Director</span><span style="font-size:14.0pt"> of Cellcom Pvt Ltd Pawan Pradhan signed the partnership agreement on behalf of their respective organisations amid a recent function. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">As per the understanding, CellPay will now provide digital payments and fund transfer services through web and mobile channel to help make payments directly from the bank account. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">CellPay said in a joint statement that it has been developed considering various international standard security mechanisms to make the payment safe and reliable. The payments done through CellPay is made in ‘Real Time’. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“Customers can easily make real time payments for telecom services, electricity, TV, Internet bill, restaurants and fund transfer from one to another bank, domestic remittance, insurance payment, EMI payments, share payments, P2P, P2B, B2P, B2B and other services,” the statement added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Customers can enjoy these services through any of the partnered bank with CellPay. CellPay app is available in both Google Playstore and Apple’s Appstore.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">NMB bank was established in 1996 and has been serving its customer through 176 branches, nine extension counters, 249 branchless banking units along with 135 ATMs. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> </span></span></p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12597', 'image' => '20201225010702_My Effect.jpg', 'article_date' => '2020-12-25 13:06:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12849', 'article_category_id' => '1', 'title' => 'Import of Gold Rising in Nepal', 'sub_title' => '', 'summary' => 'December 25: The import of gold, which was minimal in the first quarter of the current fiscal year, has increased in the month of Mangsir (mid-November to mid-December). ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: The import of gold, which was minimal in the first quarter of the current fiscal year, has increased in the month of Mangsir (mid-November to mid-December). </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The country had imported only 100 kilograms of gold in the first four months of the current fiscal year. However, the import of gold has crossed more than 1000 kilograms in the fifth month, according to the Department of Customs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the data provided by the department, a total of 1050 kilograms of gold have been imported in Nepal in the first five months of the current fiscal year. Data show that the import of gold started increasing since the month of Kartik (mid-October to mid-November). It is believed that the import of gold increased due to festive season and the marriage season that followed. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The business of gold had come to a halt during the start of the current fiscal year due to excessive price hike as a result of coronavirus pandemic. The business was in further trouble due to the imposition of lockdown and restrictions by the government. However, the business is returning back in track despite exorbitant price because of the marriage season. Data show that the country imported 400 kg of gold in mid-October to mid-November and 550 kg of gold in mid-November to mid-December.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Only commercial banks are licensed to import gold in Nepal. The Federation of Nepal Gold and Silver Dealers Association recommends commercial banks to import gold as per the demand in the market.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12596', 'image' => '20201225010313_1608852688.Clipboard10.jpg', 'article_date' => '2020-12-25 13:02:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12848', 'article_category_id' => '1', 'title' => 'Decline in Export of Processed Leather', 'sub_title' => '', 'summary' => 'December 25: The export of leather products from the eastern border of Nepal has declined due to lack of demand.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: The export of leather products from the eastern border of Nepal has declined due to lack of demand. Three industries of Province 1 had exported 2.4 million square feet of processed leather worth Rs 109.1 million to countries like India, China and European countries during the last fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the industries failed to export the product to China and European nations due to the restrictions imposed in the wake of coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the first five months of the current fiscal year, Nepali industries have exported 160,000 square feet of refined leather worth Rs 5.4 million to India. The industries say they couldn’t export leather to China as the Chinese businessmen did not show up for the purchase. Similarly, there was no demand from European countries, according to the leather manufacturers. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In fiscal year 2075/76, leather products worth Rs 287.8 million were exported through the Biratnagar customs. But this year, not even half the amount has been exported, according to the customs officials. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Altogether 11 industries of Nepal are involved in processing raw leather into refined product and selling them to countries like Russia, Turkey, Italy, Latin America, China and India. Three of those industries are based in Province 1 while the remaining eight are in Birgunj.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12595', 'image' => '20201225121415_1608852769.11.jpg', 'article_date' => '2020-12-25 12:13:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12847', 'article_category_id' => '1', 'title' => 'Coronavirus Likely to Increase the Cost of Election', 'sub_title' => '', 'summary' => 'December 25: The Election Commission has started making preparations for mid-term election after the government dissolved the parliament last week. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: The Election Commission has started making preparations for mid-term election after the government dissolved the parliament last week. The government has already announced the new dates for election on April 30 and May 10.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is estimated that the cost of election will be higher this time as the Election Commission has to adopt additional security measures to avoid contraction of coronavirus. However, the fate of election is not yet certain as writ petitions have be filed at the Supreme Court against the dissolution of the House of Representatives.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Election Commission, the election commissioners have been holding meetings on a daily basis to make preparations to hold the election on the dates fixed by the government. Preliminary estimates made by the commissioners have indicated that the mid-term election will be costly this year due to coronavirus pandemic and additional measures required to prevent the disease from spreading.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the EC say it is possible to hold the election in the fixed dates but the cost factor will be high.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Election Commission Raj Kumar Shrestha informed that the reasons behind costly election include coronavirus pandemic and inflation. Shrestha clarified that the commission will have to adopt safety measures for all activities leading up to the election which is certain to increase the cost of election. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He further said that the EC will have to hold discussions with the political parties for which it needs to adopt adequate safety measures while such measures also need to be ensured at polling booths and election centres where the vote count will take place. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“India and the USA adopted high safety measures during election to prevent the spread of coronavirus. We also need to follow suit,” said Shrestha, adding, “It is not as simple as before. The cost will definitely go up.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Election Commission also said that inflation has increased and the cost of every good has gone up and therefore the cost of election is also going to be higher than the previous election.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the last elections held in 2017/18, the commission had alone spent Rs 7.75 billion for conducting the provincial elections and the election for the House of Representatives at once. The cost required to mobilize army and police was covered by the home ministry. The ministry had to spend around Rs 2.25 billion, according to the EC. The government has directly spent Rs 10 billion from the state coffers for the election. Considering the cost covered by other government agencies, the total cost of election was Rs 20 billion, according to officials at the EC. The commission will require at least the same amount that it spent during the last election but officials at the commission haven’t quoted the exact amount right now.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The commission says that the cost factor can be reduced if the election is held in a single day instead of holding it in two separate dates.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12594', 'image' => '20201225114758_AP_20300794331956 2.jpg', 'article_date' => '2020-12-25 11:47:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 60 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
Notice (8): Undefined variable: file [APP/View/Elements/side_bar.ctp, line 133]Code Context// $file = 'http://aabhiyan:QUVLg8Wzs2F7G9N7@nepalstock.com.np/api/subindexdata.xml';if(!$xml = simplexml_load_file($file)){$viewFile = '/var/www/html/newbusinessage.com/app/View/Elements/side_bar.ctp' $dataForView = array( 'articles' => array( (int) 0 => array( 'Article' => array( [maximum depth reached] ) ), (int) 1 => array( 'Article' => array( [maximum depth reached] ) ), (int) 2 => array( 'Article' => array( [maximum depth reached] ) ), (int) 3 => array( 'Article' => array( [maximum depth reached] ) ), (int) 4 => array( 'Article' => array( [maximum depth reached] ) ), (int) 5 => array( 'Article' => array( [maximum depth reached] ) ), (int) 6 => array( 'Article' => array( [maximum depth reached] ) ), (int) 7 => array( 'Article' => array( [maximum depth reached] ) ), (int) 8 => array( 'Article' => array( [maximum depth reached] ) ), (int) 9 => array( 'Article' => array( [maximum depth reached] ) ), (int) 10 => array( 'Article' => array( [maximum depth reached] ) ), (int) 11 => array( 'Article' => array( [maximum depth reached] ) ), (int) 12 => array( 'Article' => array( [maximum depth reached] ) ), (int) 13 => array( 'Article' => array( [maximum depth reached] ) ), (int) 14 => array( 'Article' => array( [maximum depth reached] ) ) ), 'current_user' => null, 'logged_in' => false ) $articles = array( (int) 0 => array( 'Article' => array( 'id' => '12861', 'article_category_id' => '1', 'title' => 'India’s CONCOR Enjoys Monopoly in Transporting Goods to Nepal', 'sub_title' => 'Faulty Pact Denies Entry of Private Companies to Transport Nepal-Bound Goods', 'summary' => 'December 28: Private railway companies have not been able to provide services for transporting goods to Nepal due to the delay in amending the Nepal-India Rail Service Agreement.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 28: Private railway companies have not been able to provide services for transporting goods to Nepal due to the delay in amending the Nepal-India Rail Service Agreement.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Container Corporation of India Limited (CONCOR), a sister concern of the Indian Railways, enjoys monopoly in transporting Nepal-bound goods from India and third countries. As it faces no competition from the private sector, the company has been charging transportation fare arbitrarily. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The railway service agreement gives CONCOR the sole right to transport goods to Nepal and therefore the company maintains its monopoly. Besides CONCOR, no other company can transport goods to Nepal via railway. Eight private railway companies of India are willing to provide their services but they are not allowed to do so until the agreement is amended.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the rail service pact signed between the two countries in 2004, the Indian side had put a precondition that CONCOR would provide transportation service through railway. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The lack of Nepal’s attention to minute details while signing the agreement has given special advantage to CONCOR, says Ashok Kumar Temani, former chairman of the Transport and Cargo Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although Nepal is making attempts to include other railway service providers for transporting goods to Nepal via India, it has not been able to do so. The Indian side has reportedly not shown any interest to allow the private sector to enter the competitive market.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A senior official at the Ministry of Industry, Commerce and Supplies told New Business Age on condition of anonymity that the India side has been avoiding the issue with various excuses.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The Indian side has been delaying the amendment saying it requires homework,” said the official.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepali importer Pradeep Kedia says that CONCOR has been over-charging transportation fare for Nepal-bound goods.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“CONCOR has been charging exorbitant fare because it enjoys monopoly. There is an immediate need to include other companies in the competitive market to end the hegemony of CONCOR,” says Kedia. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice Chair of Province 2 Chapter of FNCCI Ashok Kumar Baidhya also believes that the entry of other service providers for transporting goods to Nepal would increase competition among them and reduce the transportation cost.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">An official of Nepal Intermodal Transport Development Committee said that CONCOR has been charging up to 40 percent more than the normal fare for transporting goods to Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The fare charged by CONCOR is exorbitant considering the distance it has to cover to deliver the goods to Nepal,” said the official who did not wanted to be named.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">CONCOR has transported 32,258 containers from Kolkata and Visakhapatnam to Nepal border between April to November this year. During the last fiscal year, the company transported a total of 59,214 containers to Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two countries had discussed about amending the agreement during the recent meetings of officials India and Nepal. However, deputy spokesperson of the commerce ministry Urmila KC informed that they could not reach a conclusion on the topic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The meeting was held virtually due to coronavirus. The two sides have agreed to amend the pact after necessary homework,” she said.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12608', 'image' => '20201228032735_1609111928.Clipboard11.jpg', 'article_date' => '2020-12-28 15:26:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12860', 'article_category_id' => '1', 'title' => 'Newly-Appointed Tourism Minister Aims to Revive Tourism Sector', 'sub_title' => '', 'summary' => ' December 28: Bhanubhakta Dhakal, the newly appointed Ministry of Culture, Tourism and Civil Aviation, has said that reviving tourism industry and development of tourism infrastructure are his top-most priorities.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 28: Bhanubhakta Dhakal, the newly appointed Ministry of Culture, Tourism and Civil Aviation, has said that reviving tourism industry and development of tourism infrastructure are his top-most priorities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Taking charge of the Ministry of Culture, Tourism and Civil Aviation on December 27, Tourism Minister Dhakal informed that the tourism sector, which is a strong base of the country's economy, has been affected extremely by Covid-19 and pointed out the need for the revival of the sector for the overall economic development of the country. He informed that an effective plan will be put forward for this along with policy reforms.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">On 25 December, Prime Minister KP Sharma Oli added nine members to the cabinet and changed the responsibilities of some ministers. This is Minister Dhakal's third reshuffle in the Oli government. Prior to that, he was the Minister for Justice, Law and Parliamentary Affairs for about 14 months, and recently he was the Minister for Health and Population for 13 months.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">He informed that the current situation is a great challenge as the entire tourism businesses of the country have been affected. However, he mentioned that such challenges could be overcome through coordination with stakeholders. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">He expressed confidence that tourism would gain new momentum. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“For the development of tourism industry, some policy reforms are still in the process while infrastructure works are also in the pipeline. The style of government’s work and tactics have not changed even after the change of minister. All sectors need support and coordination for sustainable development. Only then can we achieve a common goal,” he informed.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12607', 'image' => '20201228025215_1609111364.Clipboard07.jpg', 'article_date' => '2020-12-28 14:51:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12859', 'article_category_id' => '1', 'title' => 'Fertilizer from Bangladesh to Arrive in Two Weeks', 'sub_title' => '', 'summary' => 'December 28: Chemical fertilizer purchased by the government from Bangladesh will arrive in Nepal in about two weeks' time.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">December 28: Chemical fertilizer purchased by the government from Bangladesh will arrive in Nepal in about two weeks' time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal had signed an agreement with Bangladesh to purchase the fertilizer on December 17 under G2G deal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Nepali delegation that returned back from Bangladesh after signing the deal have already started the process of opening Letter of Credit (LC), according to the state-owned national news agency RSS.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Agriculture Inputs Company Limited, which has been given the responsibility of importing the fertilizer, reportedly sent a letter to Siddhartha Bank to open an LC. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to Netra Bahadur Bhandari of Agriculture Inputs Company Limited, the purchase of fertilizer will start within 15 days after both the countries open LCs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“We are assured of brining fertilizer from Bangladesh after signing the agreement. We are trying to fast-track the process as much as possible,” said Bhandari, adding that the first lot of fertilizer will arrive in about two weeks.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Bhandari informed that the Nepali delegation signed an agreement with Bangladesh to import the fertilizer at the rate of US$ 251.2 per metric ton.</span></span></span></span></p> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12606', 'image' => '20201228014609_20200817122726_1597613093.Clipboard02.jpg', 'article_date' => '2020-12-28 13:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12858', 'article_category_id' => '1', 'title' => 'Nepal Rastra Bank to Auction T-Bills worth Rs 2.10 Billion Today', 'sub_title' => '', 'summary' => 'December 28: Nepal Rastra Bank will auction treasury bills worth Rs 2.10 billion on Monday, December 28.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">December 28: Nepal Rastra Bank will auction treasury bills worth Rs 2.10 billion on Monday, December 28.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, such treasury bills will be sold through an online bidding process at 2 pm on December 28. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The central bank is issuing the treasury bills with maturity period of 91 days to arrange internal loan for the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Treasury bills worth 100 million rupees will mature on March 30 2021. Similarly, treasury bills worth Rs 2 billion rupees will be issued for a period of 364 days. The bills will mature on December 28, 2021. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Devanagari Sangam MN"">Prior to this, the central bank had issued tender bids for treasury bills worth Rs 21.3 billion on December 24. Those bills were issued for a period of 91 days.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12605', 'image' => '20201228012934_20201106055408_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2020-12-28 13:29:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12857', 'article_category_id' => '1', 'title' => 'Border Obstruction Taking Toll on Nepal’s Export to China', 'sub_title' => '', 'summary' => 'December 28: Nepali exporters are facing problems in exporting goods to China due to the obstruction of Nepal-China border since a long time.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 28: Nepali exporters are facing problems in exporting goods to China due to the obstruction of Nepal-China border since a long time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">At present, the Tatopani customs is completely closed while only five containers enter Nepal every day from Rasuwagadhi customs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The exporters have not been able to supply food and other readymade products to China as the border has remained obstructed almost since a year. However, Nepali exporters have been sending handicraft products to China via India at an exorbitant cost.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">On one hand, the exporters are worried about the high cost of transportation while on the other hand more than 5000 workers involved in this sector have lost their jobs due to the border obstruction.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During last October, China had pointed out the issue of language problem in goods exported from Nepal. The Chinese government had suggested Nepali exporters to attach labels and stickers written in Chinese language. Nepali exporters say they have been facing problems to export goods from that time onward. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">On top of that, the border obstruction caused by coronavirus has prevented Nepali exporters to supply goods to China while only a limited amount of goods are being imported from China, says Mukunda Poudel, general secretary of Nepal-Kerung Business Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">China has even banned Nepali businessmen from entering its territory right now.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The businessmen say they have time and again requested the foreign ministry as well as the Chinese embassy to reopen the border but the concerned authorities have not shown much interest regarding the issue.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepali exporters complain that they have to pay three to four times more for the transportation charge in order to export goods to China and other countries via India. Some people involved in this business have opted for alternative business while many of them who do not have options are still troubled by the border obstruction.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12604', 'image' => '20201228120159_20201203020907_20200303035545_Trade Points in Northern Border to Remain Closed.jpg', 'article_date' => '2020-12-28 12:01:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12856', 'article_category_id' => '1', 'title' => 'Microfinance Companies can now seek Loan Investment from Non-Banking Sector', 'sub_title' => '', 'summary' => 'December 27: The government has opened door for microfinance companies, which had been demanding alternative source for loan investment, to seek funds from non-banking sector.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: The government has opened door for microfinance companies, which had been demanding alternative source for loan investment, to seek funds from non-banking sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">EPF, on the other hand, is still discussing the issue. Administrator of EPF Tulasi Prasad Gautam says it is not possible to avail funds to microfinance companies as they have been investing large amounts of funds between Rs 200 to Rs 250 million.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12603', 'image' => '20201227031139_1609025177.Clipboard08.jpg', 'article_date' => '2020-12-27 15:11:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12855', 'article_category_id' => '1', 'title' => 'Ban on Collection of Timber Cause Price Hike of Furniture ', 'sub_title' => '', 'summary' => 'December 27: The government had banned collection of timber from forests since the last seven months in order to preserve the forest ecosystem. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: The government had banned collection of timber from forests since the last seven months in order to preserve the forest ecosystem. The government’s decision is having ripple effects on the furniture market at present. The price of wood has increased by Rs 700 per cubic meter. During this period, the country imported wood worth Rs 400 million from Malaysia, Thailand and India through Biratnagar customs alone.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The price hike has been attributed to the ban imposed by the federal government. Kusum Regmi, the operator of Regmi Sawmill, says that the local manufacturers now have to depend on imported wood after the government banned collection, production and distribution of wood inside the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal imported wood worth Rs 150 million between mid-May to mid-July despite lockdown imposed by the government during the period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Operator of Inaruwa-based Krishna Sawmill, Pradeep Koirala, says that they were forced to import wood from Malaysia after authorities from the central monitoring team did not allow them to bring lumber from the forest. Koirala informed that the government has not allowed them to collect high-quality timber while it only allows to bring low-standard wood from the forest.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Wood from the Sal tree, which was available for Rs 4800 per cubic feet in Biratnagar, now costs Rs 5500 per cubic feet. Koirala says the same quality wood is available for anything between Rs 2000 to Rs 2800 in India while it costs Rs 2500 in Bangladesh.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chief of the District Forest Office, Morang Aniruddha Kumar Sah says that the wood from Sal tree is the first choice among people of Nepal for construction of houses and this has led to a massive decline of the plant species.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The DFO informed that 60,000 cubic feet of wood belonging to the Sal tree were felled for annual use as of May 28.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The office informed that the Council of Ministers banned collection of wood to preserve the species. This has resulted in price hike in the market and smuggling of timber as well. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12602', 'image' => '20201227025644_1609025313.Clipboard09.jpg', 'article_date' => '2020-12-27 14:56:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12854', 'article_category_id' => '1', 'title' => 'Insurance Companies Settle Coronavirus Claims of more than Rs 1.5 Billion ', 'sub_title' => '', 'summary' => 'December 27: Statistics of the Insurance Board shows that more than 15,000 individuals have claimed insurance for coronavirus as of Friday, December 25. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 27: Statistics of the Insurance Board shows that more than 15,000 individuals have claimed insurance for coronavirus as of Friday, December 25. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the board, a total sum of Rs 1.54 billion has been paid to 15, 879 people who were insured against the disease. Likewise, the board stated that 79 applications have been considered ineligible. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the latest information provided by the board, the settlement of coronavirus insurance claims has been moving forward swiftly. Raju Raman Poudel, executive director of the board, said that the settlement of coronavirus insurance claims is being made on a ‘fast track’ basis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Earlier, insurance companies had delayed settlement of claims. The board says that the claim settlement has been done in an efficient manner now after criticism from various sectors. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Finance Minister Bishnu Poudel had called the representatives of the insurance companies and the insurance board on November 3 and instructed them to speed up the settlement of corona insurance claims. At that time, only 1,791 claims had been settled. But so far, more than 15,000 have received their insurance claims. According to the board, 29,270 applications with full documents have been received for coronavirus insurance claims so far. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Likewise, additional 7,441 applications have been sent to the Ministry of Health and Population for verification of PCR report. Of them, 3,886 applications have been verified and 3,555 applications are in the process of verification. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">As the documents were not completed, 2,053 applications have been sent to insurance companies. The board also informed that 4,319 applications are being verified. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In Corona Insurance, the claim payment amount is more than the premium amount. Only around Rs 1 billion has been collected for insurance premiums. However, the claims have reached over Rs 1.5 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Lately, the number of corona insurers is less. However, the claim applications are coming, so the amount claimed is more than the premium amount. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12601', 'image' => '20201227023506_1609025921.Clipboard14.jpg', 'article_date' => '2020-12-27 14:34:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12853', 'article_category_id' => '1', 'title' => '3 Expedition Teams Receive Climbing Permits for Winter Season', 'sub_title' => '', 'summary' => 'December 27: Three expedition teams have taken permission from the government to climb mountains in the winter season.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: Three expedition teams have taken permission from the government to climb mountains in the winter season.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Department of Tourism confirmed that three different expedition teams were given climbing permission as of last Friday (December 25).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the state-run national news agency, RSS, the department has issued permission for the teams to climb Mt Ama Dablam (6,814 meters), Luza Peak (5,726 m) and Kangeri-2 (6,506 m).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Altogether four persons will be climbing Ama Dablam this season while the three expedition members have been given permission to scale Luza Peak. Only one person will be climbing Kangeri-2 this season, according to the department.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has collected royalty worth Rs 93,290 from the three expeditions. During the winter season last year, a total of eight expedition teams comprising of 36 climbers (all male) had been given climbing permits, RSS reported citing the Department of Tourism. The government had collected Rs 2.1 million from the climbers last winter. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department expects more climbers to scale small peaks as this is just the start of the winter climbing season.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had opened mountain expeditions for climbers two months ago despite the risk of coronavirus. Altogether 12 expedition teams comprising of 12 female climbers and 68 male climbers had scaled different peaks during the autumn season this year. The government had collected royalties worth Rs 4 million during the autumn window. A year ago, a total of 164 expedition groups had climbed various mountains during the autumn season. Back then, the government had collected royalties of Rs 557.83 million. A total of 257 women and 953 men had received climbing permits during the autumn of 2019.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12600', 'image' => '20201227011907_1608890066.Mountain-Climbing.jpg', 'article_date' => '2020-12-27 13:18:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12852', 'article_category_id' => '1', 'title' => 'Dissolution of Lower House Affects Dozens of Development-Related Bills ', 'sub_title' => '', 'summary' => 'December 27: The government’s decision to dissolve the parliament has affected the process of endorsing dozens of development and investment-related laws.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: The government’s decision to dissolve the parliament has affected the process of endorsing dozens of development and investment-related laws.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the parliament secretariat, altogether 50 bills related to social and financial issues are awaiting parliamentary approval for endorsement. Among them, more than three dozen bills are gathering dust at the House of Representatives.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Bills related to fast track construction of national priority projects, Export and Smuggling Regulation Bill, Public Procurement Bill, Competition and Market Protection Bill, Drinking Water and Sanitation Bill, Customs Bill, Loan and Guarantee Bill, among others have been registered in the lower house of parliament. The process of endorsing these bills has been halted due to the dissolution of parliament.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Public Transportation Bill has been sent to the House of Representatives by the National Assembly with recommendations. Insurance Bill, Information Technology Bill, Public Loan Management Bill are currently under discussion in the upper house.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Parliament Secretariat Roj Nath Pandey says these bills could not be moved forward as the parliament has been dissolved. These bills will be moved forward from the starting point when a new government is formed with fresh mandate after the election.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Railway Bill, Immigration Bill, two bills related to the Civil Aviation Authority of Nepal, Statistics Bill, Corruption Control Bill, third amendment to the Commission for the Investigation of Abuse of Authority Bill, Social Security Bill (first amendment) are all languishing at the upper house.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the Parliament Secretariat say there is possibility of deliberations on the bills submitted to the upper house as the cabinet meeting last week recommended the president to summon the meeting of the National Assembly. However, the laws cannot be enacted until the lower house meeting takes place.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Economist Keshav Acharya says it is unfortunate that the law making process has been disrupted due to the dissolution of the House of Representatives. He says that it was not appropriate for the prime minister to dissolve the parliament due to internal dispute of the ruling party.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice Chairman of the National Planning Commission Dr Jagdish Chandra Pokharel also expressed concerns regarding the disruption in lawmaking process due to the dissolution of the lower house.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The current government was formed with the vision of achieving long-term goals. It is unfortunate that the government dissolved the House of Representatives instead of pursuing its goals,” said Pokharel.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Former Finance Secretary Shanta Raj Subedi says that the delay in forming laws will also affect investment in the country. He says that the targets set by the government will not be achieved in lack of laws while the domestic and foreign investors will also think twice before investing in Nepal due to lack of investment-friendly laws.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12599', 'image' => '20201227124222_1609025666.Clipboard10.jpg', 'article_date' => '2020-12-27 12:41:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12851', 'article_category_id' => '1', 'title' => 'Demand for Housing Loan Increasing ', 'sub_title' => '', 'summary' => 'December 25: Banks and financial institutions have been helping anyone who has a regular source of income and is aspiring to build a beautiful house but lacks lump sum to fulfill his dream.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: Banks and financial institutions have been helping anyone who has a regular source of income and is aspiring to build a beautiful house but lacks lump sum to fulfill his dream.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">BFIs have been providing loan for customers to build house in accordance to the work procedure issued by Nepal Rastra Bank, which is the regulatory body of banks and financial institutions.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks say that there has been an increase in demand for housing loan as it is the season for building houses. Banks are competing with each other to provide housing loan. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Commercial banks have issued loan worth Rs 420.97 billion for personal homes and commercial housing as of mid-November. The loan disbursement in this sector is 13.81 percent of the total loans provided by the banking sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the review period, the total flow of loans from banks and financial institutions stood at Rs 3048.36 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">People are more interested in taking loans for personals homes rather than commercial complex. According to data of Nepal Rastra Bank, a total of Rs 257 billion loan not exceeding Rs 15 million for an individual have been provided for personal homes.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">For commercial purpose and real estate business, a total of Rs 163 billion have been released by BFIs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According bankers, the demand for loan which had declined due to coronavirus has again started increasing, especially for home loans.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of Nepal Bankers Association Bhuvan Kumar Dahal informed that both personal loans as well as loan for commercial purpose have started flowing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The price of cement is affordable but the price of iron rods has increased. Despite the price hike, the demand for home loan is growing. This is the season for building houses,” said Dahal.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12598', 'image' => '20201225055618_1608853069.Clipboard11.jpg', 'article_date' => '2020-12-25 17:55:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12850', 'article_category_id' => '266', 'title' => 'NMB Bank collaborates with CellPay for Digital Payment', 'sub_title' => '', 'summary' => 'December 25: NMB Bank Limited has partnered with CellPay, an NRB-licensed payment service provider, to promote digital payment services in Nepal to all of its customers. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">December 25: NMB Bank Limited has partnered with CellPay, an NRB-licensed payment service provider, to promote digital payment services in Nepal to all of its customers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">The bank’s </span><span style="font-size:14.0pt">Chief Business and Strategy Officer Sudesh Upadhyaya </span><span style="font-size:14.0pt">and </span><span style="font-size:14.0pt">Managing Director</span><span style="font-size:14.0pt"> of Cellcom Pvt Ltd Pawan Pradhan signed the partnership agreement on behalf of their respective organisations amid a recent function. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">As per the understanding, CellPay will now provide digital payments and fund transfer services through web and mobile channel to help make payments directly from the bank account. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">CellPay said in a joint statement that it has been developed considering various international standard security mechanisms to make the payment safe and reliable. The payments done through CellPay is made in ‘Real Time’. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“Customers can easily make real time payments for telecom services, electricity, TV, Internet bill, restaurants and fund transfer from one to another bank, domestic remittance, insurance payment, EMI payments, share payments, P2P, P2B, B2P, B2B and other services,” the statement added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Customers can enjoy these services through any of the partnered bank with CellPay. CellPay app is available in both Google Playstore and Apple’s Appstore.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">NMB bank was established in 1996 and has been serving its customer through 176 branches, nine extension counters, 249 branchless banking units along with 135 ATMs. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> </span></span></p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12597', 'image' => '20201225010702_My Effect.jpg', 'article_date' => '2020-12-25 13:06:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12849', 'article_category_id' => '1', 'title' => 'Import of Gold Rising in Nepal', 'sub_title' => '', 'summary' => 'December 25: The import of gold, which was minimal in the first quarter of the current fiscal year, has increased in the month of Mangsir (mid-November to mid-December). ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: The import of gold, which was minimal in the first quarter of the current fiscal year, has increased in the month of Mangsir (mid-November to mid-December). </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The country had imported only 100 kilograms of gold in the first four months of the current fiscal year. However, the import of gold has crossed more than 1000 kilograms in the fifth month, according to the Department of Customs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the data provided by the department, a total of 1050 kilograms of gold have been imported in Nepal in the first five months of the current fiscal year. Data show that the import of gold started increasing since the month of Kartik (mid-October to mid-November). It is believed that the import of gold increased due to festive season and the marriage season that followed. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The business of gold had come to a halt during the start of the current fiscal year due to excessive price hike as a result of coronavirus pandemic. The business was in further trouble due to the imposition of lockdown and restrictions by the government. However, the business is returning back in track despite exorbitant price because of the marriage season. Data show that the country imported 400 kg of gold in mid-October to mid-November and 550 kg of gold in mid-November to mid-December.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Only commercial banks are licensed to import gold in Nepal. The Federation of Nepal Gold and Silver Dealers Association recommends commercial banks to import gold as per the demand in the market.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12596', 'image' => '20201225010313_1608852688.Clipboard10.jpg', 'article_date' => '2020-12-25 13:02:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12848', 'article_category_id' => '1', 'title' => 'Decline in Export of Processed Leather', 'sub_title' => '', 'summary' => 'December 25: The export of leather products from the eastern border of Nepal has declined due to lack of demand.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: The export of leather products from the eastern border of Nepal has declined due to lack of demand. Three industries of Province 1 had exported 2.4 million square feet of processed leather worth Rs 109.1 million to countries like India, China and European countries during the last fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the industries failed to export the product to China and European nations due to the restrictions imposed in the wake of coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the first five months of the current fiscal year, Nepali industries have exported 160,000 square feet of refined leather worth Rs 5.4 million to India. The industries say they couldn’t export leather to China as the Chinese businessmen did not show up for the purchase. Similarly, there was no demand from European countries, according to the leather manufacturers. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In fiscal year 2075/76, leather products worth Rs 287.8 million were exported through the Biratnagar customs. But this year, not even half the amount has been exported, according to the customs officials. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Altogether 11 industries of Nepal are involved in processing raw leather into refined product and selling them to countries like Russia, Turkey, Italy, Latin America, China and India. Three of those industries are based in Province 1 while the remaining eight are in Birgunj.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12595', 'image' => '20201225121415_1608852769.11.jpg', 'article_date' => '2020-12-25 12:13:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12847', 'article_category_id' => '1', 'title' => 'Coronavirus Likely to Increase the Cost of Election', 'sub_title' => '', 'summary' => 'December 25: The Election Commission has started making preparations for mid-term election after the government dissolved the parliament last week. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: The Election Commission has started making preparations for mid-term election after the government dissolved the parliament last week. The government has already announced the new dates for election on April 30 and May 10.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is estimated that the cost of election will be higher this time as the Election Commission has to adopt additional security measures to avoid contraction of coronavirus. However, the fate of election is not yet certain as writ petitions have be filed at the Supreme Court against the dissolution of the House of Representatives.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Election Commission, the election commissioners have been holding meetings on a daily basis to make preparations to hold the election on the dates fixed by the government. Preliminary estimates made by the commissioners have indicated that the mid-term election will be costly this year due to coronavirus pandemic and additional measures required to prevent the disease from spreading.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the EC say it is possible to hold the election in the fixed dates but the cost factor will be high.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Election Commission Raj Kumar Shrestha informed that the reasons behind costly election include coronavirus pandemic and inflation. Shrestha clarified that the commission will have to adopt safety measures for all activities leading up to the election which is certain to increase the cost of election. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He further said that the EC will have to hold discussions with the political parties for which it needs to adopt adequate safety measures while such measures also need to be ensured at polling booths and election centres where the vote count will take place. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“India and the USA adopted high safety measures during election to prevent the spread of coronavirus. We also need to follow suit,” said Shrestha, adding, “It is not as simple as before. The cost will definitely go up.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Election Commission also said that inflation has increased and the cost of every good has gone up and therefore the cost of election is also going to be higher than the previous election.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the last elections held in 2017/18, the commission had alone spent Rs 7.75 billion for conducting the provincial elections and the election for the House of Representatives at once. The cost required to mobilize army and police was covered by the home ministry. The ministry had to spend around Rs 2.25 billion, according to the EC. The government has directly spent Rs 10 billion from the state coffers for the election. Considering the cost covered by other government agencies, the total cost of election was Rs 20 billion, according to officials at the EC. The commission will require at least the same amount that it spent during the last election but officials at the commission haven’t quoted the exact amount right now.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The commission says that the cost factor can be reduced if the election is held in a single day instead of holding it in two separate dates.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12594', 'image' => '20201225114758_AP_20300794331956 2.jpg', 'article_date' => '2020-12-25 11:47:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falseinclude - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
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As it faces no competition from the private sector, the company has been charging transportation fare arbitrarily. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The railway service agreement gives CONCOR the sole right to transport goods to Nepal and therefore the company maintains its monopoly. Besides CONCOR, no other company can transport goods to Nepal via railway. Eight private railway companies of India are willing to provide their services but they are not allowed to do so until the agreement is amended.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the rail service pact signed between the two countries in 2004, the Indian side had put a precondition that CONCOR would provide transportation service through railway. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The lack of Nepal’s attention to minute details while signing the agreement has given special advantage to CONCOR, says Ashok Kumar Temani, former chairman of the Transport and Cargo Committee of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI). </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Although Nepal is making attempts to include other railway service providers for transporting goods to Nepal via India, it has not been able to do so. The Indian side has reportedly not shown any interest to allow the private sector to enter the competitive market.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">A senior official at the Ministry of Industry, Commerce and Supplies told New Business Age on condition of anonymity that the India side has been avoiding the issue with various excuses.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The Indian side has been delaying the amendment saying it requires homework,” said the official.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepali importer Pradeep Kedia says that CONCOR has been over-charging transportation fare for Nepal-bound goods.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“CONCOR has been charging exorbitant fare because it enjoys monopoly. There is an immediate need to include other companies in the competitive market to end the hegemony of CONCOR,” says Kedia. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice Chair of Province 2 Chapter of FNCCI Ashok Kumar Baidhya also believes that the entry of other service providers for transporting goods to Nepal would increase competition among them and reduce the transportation cost.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">An official of Nepal Intermodal Transport Development Committee said that CONCOR has been charging up to 40 percent more than the normal fare for transporting goods to Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The fare charged by CONCOR is exorbitant considering the distance it has to cover to deliver the goods to Nepal,” said the official who did not wanted to be named.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">CONCOR has transported 32,258 containers from Kolkata and Visakhapatnam to Nepal border between April to November this year. During the last fiscal year, the company transported a total of 59,214 containers to Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The two countries had discussed about amending the agreement during the recent meetings of officials India and Nepal. However, deputy spokesperson of the commerce ministry Urmila KC informed that they could not reach a conclusion on the topic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The meeting was held virtually due to coronavirus. The two sides have agreed to amend the pact after necessary homework,” she said.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12608', 'image' => '20201228032735_1609111928.Clipboard11.jpg', 'article_date' => '2020-12-28 15:26:56', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 1 => array( 'Article' => array( 'id' => '12860', 'article_category_id' => '1', 'title' => 'Newly-Appointed Tourism Minister Aims to Revive Tourism Sector', 'sub_title' => '', 'summary' => ' December 28: Bhanubhakta Dhakal, the newly appointed Ministry of Culture, Tourism and Civil Aviation, has said that reviving tourism industry and development of tourism infrastructure are his top-most priorities.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 28: Bhanubhakta Dhakal, the newly appointed Ministry of Culture, Tourism and Civil Aviation, has said that reviving tourism industry and development of tourism infrastructure are his top-most priorities.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Taking charge of the Ministry of Culture, Tourism and Civil Aviation on December 27, Tourism Minister Dhakal informed that the tourism sector, which is a strong base of the country's economy, has been affected extremely by Covid-19 and pointed out the need for the revival of the sector for the overall economic development of the country. He informed that an effective plan will be put forward for this along with policy reforms.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> <span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">On 25 December, Prime Minister KP Sharma Oli added nine members to the cabinet and changed the responsibilities of some ministers. This is Minister Dhakal's third reshuffle in the Oli government. Prior to that, he was the Minister for Justice, Law and Parliamentary Affairs for about 14 months, and recently he was the Minister for Health and Population for 13 months.</span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">He informed that the current situation is a great challenge as the entire tourism businesses of the country have been affected. However, he mentioned that such challenges could be overcome through coordination with stakeholders. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"> </span></span><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">He expressed confidence that tourism would gain new momentum. </span></span></span></span></p> <p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">“For the development of tourism industry, some policy reforms are still in the process while infrastructure works are also in the pipeline. The style of government’s work and tactics have not changed even after the change of minister. All sectors need support and coordination for sustainable development. Only then can we achieve a common goal,” he informed.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12607', 'image' => '20201228025215_1609111364.Clipboard07.jpg', 'article_date' => '2020-12-28 14:51:23', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 2 => array( 'Article' => array( 'id' => '12859', 'article_category_id' => '1', 'title' => 'Fertilizer from Bangladesh to Arrive in Two Weeks', 'sub_title' => '', 'summary' => 'December 28: Chemical fertilizer purchased by the government from Bangladesh will arrive in Nepal in about two weeks' time.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">December 28: Chemical fertilizer purchased by the government from Bangladesh will arrive in Nepal in about two weeks' time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Nepal had signed an agreement with Bangladesh to purchase the fertilizer on December 17 under G2G deal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Nepali delegation that returned back from Bangladesh after signing the deal have already started the process of opening Letter of Credit (LC), according to the state-owned national news agency RSS.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">The Agriculture Inputs Company Limited, which has been given the responsibility of importing the fertilizer, reportedly sent a letter to Siddhartha Bank to open an LC. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">According to Netra Bahadur Bhandari of Agriculture Inputs Company Limited, the purchase of fertilizer will start within 15 days after both the countries open LCs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">“We are assured of brining fertilizer from Bangladesh after signing the agreement. We are trying to fast-track the process as much as possible,” said Bhandari, adding that the first lot of fertilizer will arrive in about two weeks.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Bangla MN"">Bhandari informed that the Nepali delegation signed an agreement with Bangladesh to import the fertilizer at the rate of US$ 251.2 per metric ton.</span></span></span></span></p> <p> </p> <p><span style="font-size:10pt"><span style="font-family:Times"> </span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12606', 'image' => '20201228014609_20200817122726_1597613093.Clipboard02.jpg', 'article_date' => '2020-12-28 13:45:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 3 => array( 'Article' => array( 'id' => '12858', 'article_category_id' => '1', 'title' => 'Nepal Rastra Bank to Auction T-Bills worth Rs 2.10 Billion Today', 'sub_title' => '', 'summary' => 'December 28: Nepal Rastra Bank will auction treasury bills worth Rs 2.10 billion on Monday, December 28.', 'content' => '<p><span style="font-size:12pt"><span style="font-family:Cambria"><span style="font-size:14.0pt"><span style="font-family:Arial">December 28: Nepal Rastra Bank will auction treasury bills worth Rs 2.10 billion on Monday, December 28.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">According to the central bank, such treasury bills will be sold through an online bidding process at 2 pm on December 28. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">The central bank is issuing the treasury bills with maturity period of 91 days to arrange internal loan for the government.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:Arial">Treasury bills worth 100 million rupees will mature on March 30 2021. Similarly, treasury bills worth Rs 2 billion rupees will be issued for a period of 364 days. The bills will mature on December 28, 2021. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Devanagari Sangam MN"">Prior to this, the central bank had issued tender bids for treasury bills worth Rs 21.3 billion on December 24. Those bills were issued for a period of 91 days.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12605', 'image' => '20201228012934_20201106055408_Nepal_Rastra_Bank2 2.jpg', 'article_date' => '2020-12-28 13:29:00', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 4 => array( 'Article' => array( 'id' => '12857', 'article_category_id' => '1', 'title' => 'Border Obstruction Taking Toll on Nepal’s Export to China', 'sub_title' => '', 'summary' => 'December 28: Nepali exporters are facing problems in exporting goods to China due to the obstruction of Nepal-China border since a long time.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 28: Nepali exporters are facing problems in exporting goods to China due to the obstruction of Nepal-China border since a long time.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">At present, the Tatopani customs is completely closed while only five containers enter Nepal every day from Rasuwagadhi customs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The exporters have not been able to supply food and other readymade products to China as the border has remained obstructed almost since a year. However, Nepali exporters have been sending handicraft products to China via India at an exorbitant cost.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">On one hand, the exporters are worried about the high cost of transportation while on the other hand more than 5000 workers involved in this sector have lost their jobs due to the border obstruction.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During last October, China had pointed out the issue of language problem in goods exported from Nepal. The Chinese government had suggested Nepali exporters to attach labels and stickers written in Chinese language. Nepali exporters say they have been facing problems to export goods from that time onward. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">On top of that, the border obstruction caused by coronavirus has prevented Nepali exporters to supply goods to China while only a limited amount of goods are being imported from China, says Mukunda Poudel, general secretary of Nepal-Kerung Business Association.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">China has even banned Nepali businessmen from entering its territory right now.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The businessmen say they have time and again requested the foreign ministry as well as the Chinese embassy to reopen the border but the concerned authorities have not shown much interest regarding the issue.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepali exporters complain that they have to pay three to four times more for the transportation charge in order to export goods to China and other countries via India. Some people involved in this business have opted for alternative business while many of them who do not have options are still troubled by the border obstruction.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-28', 'modified' => '2020-12-28', 'keywords' => '', 'description' => '', 'sortorder' => '12604', 'image' => '20201228120159_20201203020907_20200303035545_Trade Points in Northern Border to Remain Closed.jpg', 'article_date' => '2020-12-28 12:01:26', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 5 => array( 'Article' => array( 'id' => '12856', 'article_category_id' => '1', 'title' => 'Microfinance Companies can now seek Loan Investment from Non-Banking Sector', 'sub_title' => '', 'summary' => 'December 27: The government has opened door for microfinance companies, which had been demanding alternative source for loan investment, to seek funds from non-banking sector.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: The government has opened door for microfinance companies, which had been demanding alternative source for loan investment, to seek funds from non-banking sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Ministry of Finance has made arrangements for microfinance companies to seek funds from non-banking sectors like the Citizens Investment Trust and the Employees Provident Fund.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Till now, microfinance companies had to rely on commercial banks for source of investment. Microfinance companies can soon have options to seek funds for loan investment once this provision comes into effect.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Finance Ministry has sent a letter to CIT and EPF to manage funds for microfinance companies as per the decision taken by the Council of Ministers on December 11, informed a source at the ministry.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">After receiving the letters, CIT and EPF are doing necessary homework to make the arrangement. The government-owned funds are in the process of formulating an internal policy which has to be endorsed by the board.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Executive Director of CIT Raman Nepal said that the trust will make necessary arrangements at the policy level to avail funds for microfinance companies.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“We are making work procedure to avail funds for microfinance companies. So far, we have been depositing the savings in commercial banks,” said Nepal.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">EPF, on the other hand, is still discussing the issue. Administrator of EPF Tulasi Prasad Gautam says it is not possible to avail funds to microfinance companies as they have been investing large amounts of funds between Rs 200 to Rs 250 million.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12603', 'image' => '20201227031139_1609025177.Clipboard08.jpg', 'article_date' => '2020-12-27 15:11:09', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 6 => array( 'Article' => array( 'id' => '12855', 'article_category_id' => '1', 'title' => 'Ban on Collection of Timber Cause Price Hike of Furniture ', 'sub_title' => '', 'summary' => 'December 27: The government had banned collection of timber from forests since the last seven months in order to preserve the forest ecosystem. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: The government had banned collection of timber from forests since the last seven months in order to preserve the forest ecosystem. The government’s decision is having ripple effects on the furniture market at present. The price of wood has increased by Rs 700 per cubic meter. During this period, the country imported wood worth Rs 400 million from Malaysia, Thailand and India through Biratnagar customs alone.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The price hike has been attributed to the ban imposed by the federal government. Kusum Regmi, the operator of Regmi Sawmill, says that the local manufacturers now have to depend on imported wood after the government banned collection, production and distribution of wood inside the country.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Nepal imported wood worth Rs 150 million between mid-May to mid-July despite lockdown imposed by the government during the period.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Operator of Inaruwa-based Krishna Sawmill, Pradeep Koirala, says that they were forced to import wood from Malaysia after authorities from the central monitoring team did not allow them to bring lumber from the forest. Koirala informed that the government has not allowed them to collect high-quality timber while it only allows to bring low-standard wood from the forest.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Wood from the Sal tree, which was available for Rs 4800 per cubic feet in Biratnagar, now costs Rs 5500 per cubic feet. Koirala says the same quality wood is available for anything between Rs 2000 to Rs 2800 in India while it costs Rs 2500 in Bangladesh.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chief of the District Forest Office, Morang Aniruddha Kumar Sah says that the wood from Sal tree is the first choice among people of Nepal for construction of houses and this has led to a massive decline of the plant species.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The DFO informed that 60,000 cubic feet of wood belonging to the Sal tree were felled for annual use as of May 28.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The office informed that the Council of Ministers banned collection of wood to preserve the species. This has resulted in price hike in the market and smuggling of timber as well. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12602', 'image' => '20201227025644_1609025313.Clipboard09.jpg', 'article_date' => '2020-12-27 14:56:14', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 7 => array( 'Article' => array( 'id' => '12854', 'article_category_id' => '1', 'title' => 'Insurance Companies Settle Coronavirus Claims of more than Rs 1.5 Billion ', 'sub_title' => '', 'summary' => 'December 27: Statistics of the Insurance Board shows that more than 15,000 individuals have claimed insurance for coronavirus as of Friday, December 25. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">December 27: Statistics of the Insurance Board shows that more than 15,000 individuals have claimed insurance for coronavirus as of Friday, December 25. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the board, a total sum of Rs 1.54 billion has been paid to 15, 879 people who were insured against the disease. Likewise, the board stated that 79 applications have been considered ineligible. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">According to the latest information provided by the board, the settlement of coronavirus insurance claims has been moving forward swiftly. Raju Raman Poudel, executive director of the board, said that the settlement of coronavirus insurance claims is being made on a ‘fast track’ basis. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Earlier, insurance companies had delayed settlement of claims. The board says that the claim settlement has been done in an efficient manner now after criticism from various sectors. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Finance Minister Bishnu Poudel had called the representatives of the insurance companies and the insurance board on November 3 and instructed them to speed up the settlement of corona insurance claims. At that time, only 1,791 claims had been settled. But so far, more than 15,000 have received their insurance claims. According to the board, 29,270 applications with full documents have been received for coronavirus insurance claims so far. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Likewise, additional 7,441 applications have been sent to the Ministry of Health and Population for verification of PCR report. Of them, 3,886 applications have been verified and 3,555 applications are in the process of verification. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">As the documents were not completed, 2,053 applications have been sent to insurance companies. The board also informed that 4,319 applications are being verified. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">In Corona Insurance, the claim payment amount is more than the premium amount. Only around Rs 1 billion has been collected for insurance premiums. However, the claims have reached over Rs 1.5 billion. </span></span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt"><span style="font-family:"Times New Roman"">Lately, the number of corona insurers is less. However, the claim applications are coming, so the amount claimed is more than the premium amount. </span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12601', 'image' => '20201227023506_1609025921.Clipboard14.jpg', 'article_date' => '2020-12-27 14:34:27', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 8 => array( 'Article' => array( 'id' => '12853', 'article_category_id' => '1', 'title' => '3 Expedition Teams Receive Climbing Permits for Winter Season', 'sub_title' => '', 'summary' => 'December 27: Three expedition teams have taken permission from the government to climb mountains in the winter season.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: Three expedition teams have taken permission from the government to climb mountains in the winter season.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Department of Tourism confirmed that three different expedition teams were given climbing permission as of last Friday (December 25).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the state-run national news agency, RSS, the department has issued permission for the teams to climb Mt Ama Dablam (6,814 meters), Luza Peak (5,726 m) and Kangeri-2 (6,506 m).</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Altogether four persons will be climbing Ama Dablam this season while the three expedition members have been given permission to scale Luza Peak. Only one person will be climbing Kangeri-2 this season, according to the department.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government has collected royalty worth Rs 93,290 from the three expeditions. During the winter season last year, a total of eight expedition teams comprising of 36 climbers (all male) had been given climbing permits, RSS reported citing the Department of Tourism. The government had collected Rs 2.1 million from the climbers last winter. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The department expects more climbers to scale small peaks as this is just the start of the winter climbing season.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The government had opened mountain expeditions for climbers two months ago despite the risk of coronavirus. Altogether 12 expedition teams comprising of 12 female climbers and 68 male climbers had scaled different peaks during the autumn season this year. The government had collected royalties worth Rs 4 million during the autumn window. A year ago, a total of 164 expedition groups had climbed various mountains during the autumn season. Back then, the government had collected royalties of Rs 557.83 million. A total of 257 women and 953 men had received climbing permits during the autumn of 2019.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12600', 'image' => '20201227011907_1608890066.Mountain-Climbing.jpg', 'article_date' => '2020-12-27 13:18:35', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 9 => array( 'Article' => array( 'id' => '12852', 'article_category_id' => '1', 'title' => 'Dissolution of Lower House Affects Dozens of Development-Related Bills ', 'sub_title' => '', 'summary' => 'December 27: The government’s decision to dissolve the parliament has affected the process of endorsing dozens of development and investment-related laws.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 27: The government’s decision to dissolve the parliament has affected the process of endorsing dozens of development and investment-related laws.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the parliament secretariat, altogether 50 bills related to social and financial issues are awaiting parliamentary approval for endorsement. Among them, more than three dozen bills are gathering dust at the House of Representatives.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Bills related to fast track construction of national priority projects, Export and Smuggling Regulation Bill, Public Procurement Bill, Competition and Market Protection Bill, Drinking Water and Sanitation Bill, Customs Bill, Loan and Guarantee Bill, among others have been registered in the lower house of parliament. The process of endorsing these bills has been halted due to the dissolution of parliament.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Public Transportation Bill has been sent to the House of Representatives by the National Assembly with recommendations. Insurance Bill, Information Technology Bill, Public Loan Management Bill are currently under discussion in the upper house.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Parliament Secretariat Roj Nath Pandey says these bills could not be moved forward as the parliament has been dissolved. These bills will be moved forward from the starting point when a new government is formed with fresh mandate after the election.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Railway Bill, Immigration Bill, two bills related to the Civil Aviation Authority of Nepal, Statistics Bill, Corruption Control Bill, third amendment to the Commission for the Investigation of Abuse of Authority Bill, Social Security Bill (first amendment) are all languishing at the upper house.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the Parliament Secretariat say there is possibility of deliberations on the bills submitted to the upper house as the cabinet meeting last week recommended the president to summon the meeting of the National Assembly. However, the laws cannot be enacted until the lower house meeting takes place.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Economist Keshav Acharya says it is unfortunate that the law making process has been disrupted due to the dissolution of the House of Representatives. He says that it was not appropriate for the prime minister to dissolve the parliament due to internal dispute of the ruling party.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Vice Chairman of the National Planning Commission Dr Jagdish Chandra Pokharel also expressed concerns regarding the disruption in lawmaking process due to the dissolution of the lower house.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The current government was formed with the vision of achieving long-term goals. It is unfortunate that the government dissolved the House of Representatives instead of pursuing its goals,” said Pokharel.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Former Finance Secretary Shanta Raj Subedi says that the delay in forming laws will also affect investment in the country. He says that the targets set by the government will not be achieved in lack of laws while the domestic and foreign investors will also think twice before investing in Nepal due to lack of investment-friendly laws.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-27', 'modified' => '2020-12-27', 'keywords' => '', 'description' => '', 'sortorder' => '12599', 'image' => '20201227124222_1609025666.Clipboard10.jpg', 'article_date' => '2020-12-27 12:41:53', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => false, 'user_id' => '34' ) ), (int) 10 => array( 'Article' => array( 'id' => '12851', 'article_category_id' => '1', 'title' => 'Demand for Housing Loan Increasing ', 'sub_title' => '', 'summary' => 'December 25: Banks and financial institutions have been helping anyone who has a regular source of income and is aspiring to build a beautiful house but lacks lump sum to fulfill his dream.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: Banks and financial institutions have been helping anyone who has a regular source of income and is aspiring to build a beautiful house but lacks lump sum to fulfill his dream.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">BFIs have been providing loan for customers to build house in accordance to the work procedure issued by Nepal Rastra Bank, which is the regulatory body of banks and financial institutions.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Banks say that there has been an increase in demand for housing loan as it is the season for building houses. Banks are competing with each other to provide housing loan. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Commercial banks have issued loan worth Rs 420.97 billion for personal homes and commercial housing as of mid-November. The loan disbursement in this sector is 13.81 percent of the total loans provided by the banking sector.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the review period, the total flow of loans from banks and financial institutions stood at Rs 3048.36 billion.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">People are more interested in taking loans for personals homes rather than commercial complex. According to data of Nepal Rastra Bank, a total of Rs 257 billion loan not exceeding Rs 15 million for an individual have been provided for personal homes.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">For commercial purpose and real estate business, a total of Rs 163 billion have been released by BFIs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According bankers, the demand for loan which had declined due to coronavirus has again started increasing, especially for home loans.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Chairman of Nepal Bankers Association Bhuvan Kumar Dahal informed that both personal loans as well as loan for commercial purpose have started flowing.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:"Times","serif""><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“The price of cement is affordable but the price of iron rods has increased. Despite the price hike, the demand for home loan is growing. This is the season for building houses,” said Dahal.</span></span></span></span></p> <p> </p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12598', 'image' => '20201225055618_1608853069.Clipboard11.jpg', 'article_date' => '2020-12-25 17:55:28', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 11 => array( 'Article' => array( 'id' => '12850', 'article_category_id' => '266', 'title' => 'NMB Bank collaborates with CellPay for Digital Payment', 'sub_title' => '', 'summary' => 'December 25: NMB Bank Limited has partnered with CellPay, an NRB-licensed payment service provider, to promote digital payment services in Nepal to all of its customers. ', 'content' => '<p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">December 25: NMB Bank Limited has partnered with CellPay, an NRB-licensed payment service provider, to promote digital payment services in Nepal to all of its customers. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">The bank’s </span><span style="font-size:14.0pt">Chief Business and Strategy Officer Sudesh Upadhyaya </span><span style="font-size:14.0pt">and </span><span style="font-size:14.0pt">Managing Director</span><span style="font-size:14.0pt"> of Cellcom Pvt Ltd Pawan Pradhan signed the partnership agreement on behalf of their respective organisations amid a recent function. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">As per the understanding, CellPay will now provide digital payments and fund transfer services through web and mobile channel to help make payments directly from the bank account. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">CellPay said in a joint statement that it has been developed considering various international standard security mechanisms to make the payment safe and reliable. The payments done through CellPay is made in ‘Real Time’. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">“Customers can easily make real time payments for telecom services, electricity, TV, Internet bill, restaurants and fund transfer from one to another bank, domestic remittance, insurance payment, EMI payments, share payments, P2P, P2B, B2P, B2B and other services,” the statement added. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">Customers can enjoy these services through any of the partnered bank with CellPay. CellPay app is available in both Google Playstore and Apple’s Appstore.</span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"><span style="font-size:14.0pt">NMB bank was established in 1996 and has been serving its customer through 176 branches, nine extension counters, 249 branchless banking units along with 135 ATMs. </span></span></span></p> <p><span style="font-size:11pt"><span style="font-family:Calibri"> </span></span></p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12597', 'image' => '20201225010702_My Effect.jpg', 'article_date' => '2020-12-25 13:06:10', 'homepage' => false, 'breaking_news' => false, 'main_news' => false, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 12 => array( 'Article' => array( 'id' => '12849', 'article_category_id' => '1', 'title' => 'Import of Gold Rising in Nepal', 'sub_title' => '', 'summary' => 'December 25: The import of gold, which was minimal in the first quarter of the current fiscal year, has increased in the month of Mangsir (mid-November to mid-December). ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: The import of gold, which was minimal in the first quarter of the current fiscal year, has increased in the month of Mangsir (mid-November to mid-December). </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The country had imported only 100 kilograms of gold in the first four months of the current fiscal year. However, the import of gold has crossed more than 1000 kilograms in the fifth month, according to the Department of Customs.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the data provided by the department, a total of 1050 kilograms of gold have been imported in Nepal in the first five months of the current fiscal year. Data show that the import of gold started increasing since the month of Kartik (mid-October to mid-November). It is believed that the import of gold increased due to festive season and the marriage season that followed. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The business of gold had come to a halt during the start of the current fiscal year due to excessive price hike as a result of coronavirus pandemic. The business was in further trouble due to the imposition of lockdown and restrictions by the government. However, the business is returning back in track despite exorbitant price because of the marriage season. Data show that the country imported 400 kg of gold in mid-October to mid-November and 550 kg of gold in mid-November to mid-December.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Only commercial banks are licensed to import gold in Nepal. The Federation of Nepal Gold and Silver Dealers Association recommends commercial banks to import gold as per the demand in the market.</span></span></span></span></p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12596', 'image' => '20201225010313_1608852688.Clipboard10.jpg', 'article_date' => '2020-12-25 13:02:20', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 13 => array( 'Article' => array( 'id' => '12848', 'article_category_id' => '1', 'title' => 'Decline in Export of Processed Leather', 'sub_title' => '', 'summary' => 'December 25: The export of leather products from the eastern border of Nepal has declined due to lack of demand.', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: The export of leather products from the eastern border of Nepal has declined due to lack of demand. Three industries of Province 1 had exported 2.4 million square feet of processed leather worth Rs 109.1 million to countries like India, China and European countries during the last fiscal year.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">However, the industries failed to export the product to China and European nations due to the restrictions imposed in the wake of coronavirus pandemic.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In the first five months of the current fiscal year, Nepali industries have exported 160,000 square feet of refined leather worth Rs 5.4 million to India. The industries say they couldn’t export leather to China as the Chinese businessmen did not show up for the purchase. Similarly, there was no demand from European countries, according to the leather manufacturers. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">In fiscal year 2075/76, leather products worth Rs 287.8 million were exported through the Biratnagar customs. But this year, not even half the amount has been exported, according to the customs officials. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Altogether 11 industries of Nepal are involved in processing raw leather into refined product and selling them to countries like Russia, Turkey, Italy, Latin America, China and India. Three of those industries are based in Province 1 while the remaining eight are in Birgunj.</span></span></span></span></p> <p> </p> <p> </p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12595', 'image' => '20201225121415_1608852769.11.jpg', 'article_date' => '2020-12-25 12:13:31', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ), (int) 14 => array( 'Article' => array( 'id' => '12847', 'article_category_id' => '1', 'title' => 'Coronavirus Likely to Increase the Cost of Election', 'sub_title' => '', 'summary' => 'December 25: The Election Commission has started making preparations for mid-term election after the government dissolved the parliament last week. ', 'content' => '<p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">December 25: The Election Commission has started making preparations for mid-term election after the government dissolved the parliament last week. The government has already announced the new dates for election on April 30 and May 10.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">It is estimated that the cost of election will be higher this time as the Election Commission has to adopt additional security measures to avoid contraction of coronavirus. However, the fate of election is not yet certain as writ petitions have be filed at the Supreme Court against the dissolution of the House of Representatives.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">According to the Election Commission, the election commissioners have been holding meetings on a daily basis to make preparations to hold the election on the dates fixed by the government. Preliminary estimates made by the commissioners have indicated that the mid-term election will be costly this year due to coronavirus pandemic and additional measures required to prevent the disease from spreading.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Officials at the EC say it is possible to hold the election in the fixed dates but the cost factor will be high.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">Spokesperson at the Election Commission Raj Kumar Shrestha informed that the reasons behind costly election include coronavirus pandemic and inflation. Shrestha clarified that the commission will have to adopt safety measures for all activities leading up to the election which is certain to increase the cost of election. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">He further said that the EC will have to hold discussions with the political parties for which it needs to adopt adequate safety measures while such measures also need to be ensured at polling booths and election centres where the vote count will take place. </span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">“India and the USA adopted high safety measures during election to prevent the spread of coronavirus. We also need to follow suit,” said Shrestha, adding, “It is not as simple as before. The cost will definitely go up.”</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The Election Commission also said that inflation has increased and the cost of every good has gone up and therefore the cost of election is also going to be higher than the previous election.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">During the last elections held in 2017/18, the commission had alone spent Rs 7.75 billion for conducting the provincial elections and the election for the House of Representatives at once. The cost required to mobilize army and police was covered by the home ministry. The ministry had to spend around Rs 2.25 billion, according to the EC. The government has directly spent Rs 10 billion from the state coffers for the election. Considering the cost covered by other government agencies, the total cost of election was Rs 20 billion, according to officials at the EC. The commission will require at least the same amount that it spent during the last election but officials at the commission haven’t quoted the exact amount right now.</span></span></span></span></p> <p><span style="font-size:10pt"><span style="font-family:Times"><span style="font-size:14.0pt"><span style="font-family:"Arial Unicode MS"">The commission says that the cost factor can be reduced if the election is held in a single day instead of holding it in two separate dates.</span></span></span></span></p> <p> </p> ', 'published' => true, 'created' => '2020-12-25', 'modified' => '2020-12-25', 'keywords' => '', 'description' => '', 'sortorder' => '12594', 'image' => '20201225114758_AP_20300794331956 2.jpg', 'article_date' => '2020-12-25 11:47:24', 'homepage' => false, 'breaking_news' => false, 'main_news' => true, 'in_scroller' => null, 'user_id' => '34' ) ) ) $current_user = null $logged_in = false $xml = falsesimplexml_load_file - [internal], line ?? include - APP/View/Elements/side_bar.ctp, line 133 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::_renderElement() - CORE/Cake/View/View.php, line 1224 View::element() - CORE/Cake/View/View.php, line 418 include - APP/View/Articles/index.ctp, line 157 View::_evaluate() - CORE/Cake/View/View.php, line 971 View::_render() - CORE/Cake/View/View.php, line 933 View::render() - CORE/Cake/View/View.php, line 473 Controller::render() - CORE/Cake/Controller/Controller.php, line 968 Dispatcher::_invoke() - CORE/Cake/Routing/Dispatcher.php, line 200 Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167 [main] - APP/webroot/index.php, line 117
| Currency | Unit |
Buy | Sell |
| U.S. Dollar | 1 | 121.23 | 121.83 |
| European Euro | 1 | 131.65 | 132.31 |
| UK Pound Sterling | 1 | 142.47 | 143.18 |
| Swiss Franc | 1 | 124.29 | 124.90 |
| Australian Dollar | 1 | 71.69 | 72.05 |
| Canadian Dollar | 1 | 83.90 | 84.32 |
| Japanese Yen | 10 | 10.94 | 11.00 |
| Chinese Yuan | 1 | 17.17 | 17.26 |
| Saudi Arabian Riyal | 1 | 32.27 | 32.43 |
| UAE Dirham | 1 | 33.01 | 33.17 |
| Malaysian Ringgit | 1 | 27.36 | 27.50 |
| South Korean Won | 100 | 9.77 | 9.82 |
Update: 2020-03-25 | Source: Nepal Rastra Bank (NRB)
| Fine Gold | 1 tola | 77000.00 |
| Tejabi Gold | 1 tola | 76700.00 |
| Silver | 1 tola | 720.00 |
Update : 2020-03-25
Source: Federation of Nepal Gold and Silver Dealers' Association
| Petrol | 1 Liter | 106.00 |
| Diesel | 1 Liter | 95.00 |
| Kerosene | 1 Liter | 95.00 |
| LP Gas | 1 Cylinder | 1375.00 |
Update : 2020-03-25
